Del Smith’s air empire folds: Evergreen International forced into FULL bankruptcy by creditors – Chapter 7
It was like a slow moving train coming in to the station – slow because the engineer knew what was waiting on the platform in town – bankruptcy. Del Smith’s famed air cargo service that served mainly military clients for decades, has finally gone into full bankruptcy due to a petition filed by hundreds of creditors who haven’t been paid for air maintenance and other services. And due to a reported scarcity of cash, at least one creditor is tagging aircraft in the Evergreen Air Museum straddling Highway 18 in McMinnville – one plane in particular, The Spruce Goose. It may not be the only plane to be sold to pay off Smith’s debts. The Oregon Attorney General is investigating whether the entire fleet of museum aircraft are exposed to liquidation to pay off a half a billion dollars in what is reported to be Smith’s unpaid bills. Smith has contended that the museum and the adjacent indoor waterpark are separate, stand-alone entities, but the AG isn’t convinced and an investigation is underway.
More on the story from The Oregonian. Click here.
More history on the events that led up to the New Year’s Eve Bankruptcy filing is also found in The Oregonian. Click here.