Court approves Seaborne asset sale to Leonite
The court approved Seaborne Virgin Islands, Inc.’s sale transaction with Leonite Fund I LP, authorizing a free-and-clear transfer of the acquired assets and assumption and assignment of selected executory contracts and leases under the APA and related transition documents. The Seaborne sale order makes the order effective immediately, overrules objections except for a preserved Kenn Borek Air Ltd. reservation, and clears anti-assignment provisions that could otherwise slow contract migration.
The economics matter because the order directs $125,000 of the cash purchase price to Brigade Agency Services LLC, with the remainder carved out for estate professionals and administrative creditors. Leonite must pay cure costs at or promptly after closing, counterparties that missed the cure-objection deadline are deemed to consent to the APA cure amounts, and licenses, permits, registrations, and governmental authorizations are authorized to transfer or remain in effect while replacements are secured. If Leonite fails to close, Corporate Flight Management, Inc. d/b/a Contour Aviation steps in as backup bidder, preserving a sale path for the Seaborne assets.