Client Profile

Ronson Aviation, Inc. ("Ronson Aviation" or the "Company")is the sole full-service Fixed Based Operator ('FBO') operating at Trenton-Mercer Airport in Trenton, New Jersey. Ronson Aviation, Inc. traces its history to 1962 when the company started its operations as New Jersey Helicopter Airways, Inc. Today, Ronson Aviation, Inc. provides aircraft fueling, avionics and cargo handling to general aviation enthusiasts and private corporate flight programs. Additionally, Ronson Aviation, Inc. provides sales, storage and repair services for all types of aircraft ranging from single engine propeller planes to the Gulfstream VI. Aircraft storage options consist of hangars, T-hangers and tie-downs which accommodate general aviation enthusiasts, corporate travelers and government entity customers. Ronson Aviation, Inc. maintains FAA repair station certifications, has an on-site U.S. Customs Office, its facility is a designated Foreign Trade Zone and it is one of only two factory-authorized Hawker Beechcraft Turbine service centers and one of three Hawker Beechcraft Piston service centers.

Situation

Ronson Aviation, Inc. faced certain operational and financial challenges primarily as a result of the macroeconomic recession which resulted in a curtailment of both corporate and leisure private aircraft travel. Although the Company implemented cost-cutting measures to preserve cash and improve profitability, the Company was unable to generate sufficient operational liquidity. Therefore, Ronson Aviation, Inc. hired SSG in May, 2010 to explore strategic alternatives for its business, including a sale of substantially all of its assets. In order to best effectuate the sale of substantially all of its assets, Ronson Aviation, Inc. voluntarily filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the District of New Jersey. Subsequent to filing Chapter 11, Ronson Aviation, Inc. entered an Asset Purchase Agreement with Ross Aviation, the stalking horse bidder.

Solution

Upon its engagement, SSG immediately contacted potential strategic and financial buyers to solicit offers for the business and ultimately negotiated the Asset Purchase Agreement with the stalking horse bidder. After the Chapter 11 filing, SSG worked diligently to re-market the Company and obtain higher and better offers in order to maximize value to the estate. As a result of SSG's post-petition marketing efforts, one additional party submitted a qualified bid and participated in the auction for substantially all of the Company's assets on September 27, 2010. As a result of the bidding at the auction, Ross Aviation's winning bid was approximately $1.6 million higher than its stalking horse bid, resulting in increased recoveries to numerous estate constituents. Ross Aviation, a portfolio company of Centre Partners, is a full service FBO with 13 current locations in the United States in high profile urban areas and resort destinations including Hawaii and Florida. Ross Aviation has owned and operated 22 locations.

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