Prime Time Shuttle to Exit Chapter 11
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Prime Time Shuttle International Inc., the Sun Valley-based airport-shuttle service operator, said it expected to emerge from Chapter 11 bankruptcy protection in late January.
John E. Kindt Jr., Prime Time’s president, said the federal bankruptcy court in Los Angeles confirmed the plan Nov. 30 after creditors voted overwhelmingly in favor of the plan, which calls for all creditors to be paid back 100% of their money.
Prime Time filed for bankruptcy court protection in March, 1992, after struggling with the recession and the travel slump during the Persian Gulf War in 1991. The company then listed $256,816 in total assets and total liabilities of $2.05 million. Kindt said the company has since been able to turn around its operations, so that Prime Time is now profitable.
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