Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2022

Assets and Liabilities Held for Sale [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

9. ASSETS AND LIABILITIES HELD FOR SALE

Assets held for sale as of September 29, 2021 represented aircraft and part-out assets of $31.1 million.

As a result of the Sale Order approved by the Bankruptcy Court in May 2021, the Company, with the exception of one aircraft that is collateral for a sales-type lease receivable, reclassified all of its remaining aircraft to held for sale. On the Effective date, pursuant to the Plan of Reorganization, the Company settled the liabilities subject to compromise by these assets held for sale. See Note 4 – reorganization adjustment (b). Accordingly, the Company did not have assets or liabilities held for sale as of December 31, 2021.