AeroCentury Corp. Announces Bankruptcy Orders And Receipt of Going Concern Audit Opinion

AeroCentury Corp. (the "Company") today announced orders entered in the chapter 11 bankruptcy case covering it and certain of its subsidiaries in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) as well as receipt of an audit opinion with going concern qualification.

Bankruptcy Orders Entered Regarding Continued Funding and Auction Sale

On April 22, 2021, the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") entered an order authorizing and approving the funding of AeroCentury Corp.'s ("AeroCentury") chapter 11 bankruptcy cases on a final basis.  This final order authorizes AeroCentury's continued access to funding for its business operations and restructuring process, to the extent that such funding is available.  On the same date, the Bankruptcy Court entered an order authorizing and approving marketing and sale procedures with respect to the sale of some or all of AeroCentury's assets.  AeroCentury's court-supervised sale process requires any bids for its assets to be submitted by 5:00 p.m. on May 17th, an auction on May 20th (should one be required) and a hearing before the Bankruptcy Court to consider approval of the results of the sale process at 2:00 p.m. on May 25th.  B. Riley Securities, Inc. is advising AeroCentury in connection with its ongoing marketing and sale process and Morrison & Foerster and Young Conaway are acting as legal counsel to AeroCentury in its bankruptcy proceeding.

Receipt of Audit Opinion with Going Concern Qualification

Pursuant to the disclosure requirements of the NYSE American Company Guidelines Sections 401(h) and 610(b), the Company is reporting that its audited financial statements for the fiscal year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 15, 2021, contains an audit opinion from its independent registered public accounting firm that includes a statement regarding substantial doubt of the Company’s ability to continue as a going concern. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.