Van’s Owes More Than $10 Million To More Than 25,000 Creditors

Van's Aircraft owes a lot of creditors relatively modest amounts of money, according to legal filings relating to the case. In its bankruptcy petition, the company says it owes from $10 to $50 million, but the top 20 creditors listed on its bankruptcy petition are only owed a fraction of that. The balance is owed to 25,000-50,000 creditors. The distribution of the balance of the debt beyond the top 20 isn't included in the filing. There is some positive news for those owed money. Van's says on the filing it expects to have funds "available for distribution to unsecured creditors."

The largest single creditor is Lycoming, which is owed $598,323. Metal supplier Pacific Metal Company, of Tualatin, Oregon, is on the hook for $219,640.62 and Hartzell has $130,056.34 on its books. Number 4 on the list is a legal settlement to an individual in Texas in the amount of $87,500.02. Van's was required to list the top 20 creditors in its filing and most of the remaining 16 on the list are businesses that provide goods or services to Van's. The amounts owed range from $63,889.28 for No. 5 to $35,428.90 for the No. 20 creditor.