The future of Avantair, the operator of Piaggio Avanti fractional ownership, Axis Lease and Edge Card flight access programs, was hanging in the balance at press time as the Clearwater, Fla.-based company urgently sought restructuring options following its June 26 cessation of operations.
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News and issues concerning the fractional-ownership industry and markets, including company announcements, regulations, new developments and labor issues.
As prospects dim for Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, concerns about its future are taking a back seat to questions about how owners will recover their aircraft. Among recent developments:
On Wednesday, Avantair sent out its “go-forward plan” for “NewCo,” the working name for a reborn Avantair, that would first seek to “restructure and stabilize the business” as a mostly East Coast-only fractional provider. Under the plan, the company’s debts would be wiped out, though the plan does not specify how that will be accomplished.
On Friday, Avantair president and COO David Haslett updated customers on the current status at the shut down fractional provider and said that a plan to resuscitate the Clearwater, Fla.-based company is being developed. He also assured shareowners that their aircraft are still insured and “on the ground” at maintenance bases.
Fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing.
Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down yesterday and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to an 8-K SEC filing. Employees were also notified that “the company will not be in a position to fund payroll on June 28,” meaning they will not be paid for time worked since June 8.
Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing. The company also received notice on Monday of a customer class-action lawsuit and is in breach of a lease agreement for its six core airplanes, with their repossession by lessors a possibility.
After weathering a three-week voluntary grounding stemming from a maintenance issue late last year, operations at Piaggio Avanti fractional provider Avantair have been pretty much normal. That is until last Thursday, when an anonymous call to the Clearwater, Fla.-based company’s whistleblower hotline initiated the grounding of its fleet again.
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