Florida-based Mammoth Freighters LLC will acquire a 50% stake in the MRO unit of Texas-based GDC Technics, cargofacts.com reported. The deal will give Mammoth access to hangar space to stand up conversion lines at GDC’s Fort Worth (AFW) MRO facility for its in-development 777 passenger-to-freighter conversion programs. The investment, which includes existing debt facilities and new loans, will also pave the way for GDC’s exit from chapter 11 bankruptcy. The U.S. Bankruptcy Court for the Western District of Texas in San Antonio approved GDC’s exit plan yesterday. As part of the exit plan, Mammoth has provided around $3.75 million in the form of a super-senior secured superpriority debtor-in-possession credit facility and will make available $13 million in new money “exit loans,” according to a Sept. 6 final basis filing. In exchange for the investment, Mammoth will replace funding commitments from GDC’s existing lender, MAZAV Management, for a 50% stake in GDC’s MRO division post-restructuring. MAZAV will retain the remaining 50% stake. Mammoth will also gain a 25% stake in GDC’s satellite-based wireless in-flight affiliate, with MAZAV controlling a 75% stake.
