The Wall Street Journal reported bankrupt Global Aviation Holdings received court approval to sell itself to its lender, a unit of Cerberus Capital Management. The article noted the sale is subject to higher bids at an auction in March.

According to the Journal, Bankruptcy Court Judge Mary F. Walrath authorized the March 19, 2014 auction, with the Cerberus unit as lead bidder. The Journal said further, citing court papers, other bids, which are due March 14, must include at least $35 million cash to repay Cerberus.

Global Aviation Holdings is the parent company of North American Airlines and World Airways.

To read the entire WSJ story click here.

Previously on monitordaily: Global Aviation Files Chapter 11, November 12, 2013