Troutman Pepper Represents Flight Fit ‘n Fun in ABC Liquidation Process
Flight Fit ‘n Fun is represented by Troutman Pepper as counsel in an assignment for the benefit of creditors (ABC) process to liquidate its remaining assets after the indoor trampoline park’s business was affected by the coronavirus (COVID-19) pandemic.
Founded in 2016, Sterling, Virginia-headquartered Flight Fit ‘n Fun was on a growth trajectory prior to the pandemic.
Businesses can use the ABC process to cut down on the time and expenses of a Chapter 11 or a Chapter 7 process by transferring their liabilities to a firm specialized for the purpose. The process, similar to a Chapter 7 liquidation, is determined by state rather than federal laws.
More information can be found on Debtwire (subscription needed).