A few weeks ago, Taylorcraft President Harry Ingram, facing Chapter 11 bankruptcy, was told he would have to vacate his hangar at the Brownsville/South Padre Island (Texas) International Airport. A city attorney at the time said “the outcome is inevitable,” but that just goes to prove how the future defies prediction. This week, the city and Ingram reached an agreement that will allow the airplane manufacturer to stay. The opportunity doesnt happen ordinarily, City Commissioner Ricardo Longoria Jr. told Ingram, the Brownsville Herald reported. But it happened this time, and that gives Taylorcraft another chance. Under the new plan, Ingram agreed to pay the city $15,000 a month by cashiers check through next July. If he defaults at any time, eviction would be immediate.
Another Chance For Taylorcraft
Key Takeaways:
- Taylorcraft, facing Chapter 11 bankruptcy and an eviction order, successfully reached an agreement with the city to remain in its hangar at Brownsville/South Padre Island International Airport.
- The agreement stipulates that Taylorcraft President Harry Ingram must pay the city $15,000 per month via cashier's check until next July.
- A strict condition of the new plan is that any default on these monthly payments will result in immediate eviction.
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