NEW YORK — Barneys Inc. received bankruptcy court approval Thursday to sell its helicopter for $700,000 to RTS Helicopter Services Corp.
The Sikorsky helicopter was owned by a Barneys’ affiliate, Preen Realty Corp.
Isetan Co. Ltd., a creditor of Preen, lost its bid to have the sale proceeds placed into an escrow account.
Manhattan Bankruptcy Judge James L. Garrity said he understood the concern for making sure the assets aren’t dissipated, but reasoned that an arrangement allowing Isetan to monitor disbursements from Preen should be sufficient.
In March, a New York state court ruled that Gene and Bob Pressman, owners and co-chief executive officers of Barneys, personally guaranteed $167 million in loans that Isetan gave to Preen, and granted Isetan a judgment against the Pressmans.
The judgment, plus interest, now exceeds $200 million.
The Pressmans have filed a notice of appeal of the judgment.

load comments
blog comments powered by Disqus