Under Bankruptcy Code (1110) the debtor has 60 days under a stay to "cure all defaults" or negotiate an extension. If unable, then the creditor can reposess. The extension is in addition to the original 60 days. It is unkown how long the extension is since it's under seal.

The used ERJ market is pretty dismal and the creditors are willing to grant an extension. The agreement is probably determinant on the outcome of the Delta litigation.

winglet