"Saks Global is looking to sell its 2003 Gulfstream G400 jet for $6 million to improve liquidity as part of its Chapter 11 bankruptcy strategy. The jet was primarily used for business travel by executives and allowed personal use under time-sharing agreements."
"The proposed sale aims to enhance Saks' liquidity by eliminating unnecessary costs and expenses. The company has hired aviation broker Guardian Jet to market the aircraft and negotiate with prospective buyers."
"A Saks spokesperson stated that the decision to sell the company's legacy plane reflects a commitment to disciplined capital use, directing investments toward areas that will drive meaningful growth for a stronger Saks Global."
Saks Global intends to sell its 2003 Gulfstream G400 jet for $6 million as part of its Chapter 11 bankruptcy strategy. The jet, used for executive travel, will enhance liquidity by cutting unnecessary costs. The sale requires approval from the Texas bankruptcy court. Saks hired Guardian Jet to facilitate the sale, securing a buyer identified as Jones Aviations LLC. The deal includes a refundable deposit and a broker fee. Leadership aims to focus investments on areas that promote growth for Saks Global.
Read at www.businessinsider.com
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