Millville Jet Center Loses To Longtime Financial Woes

AINmxReports » July 8, 2009
July 8, 2009, 10:11 AM

After an extended battle with financial problems, New Jersey-based Millville Jet Center (MJC) ended six years of operation. The Delaware River & Bay Authority (DRBA) says it has been trying to work out a mutually acceptable lease agreement for the 45,000-sq-ft hangar and office space on Millville Municipal Airport but to no avail. “We have been working with MIV Leaseholds (the actual holder of the lease that sublets to MJC) and MJC for about five years to restructure the obligation but we’ve never been able to come up with a workable plan,” a DRBA spokesman said. As of last month, MJC owed the DRBA approximately $500,000 in lease revenue and fuel flowage fees. According to a spokesman, as recently as the end of April there was an agreement in principle for a restructured debt settlement that significantly reduced MJC’s recurring and existing financial obligations but it wasn’t enough to save the ailing company. The closure puts about 70 employees out of work.

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