Bankruptcy

August 4, 2010 - 12:17pm

DeCrane Aerospace, founded in 1987 by the late entrepreneur Jack DeCrane with the idea of assembling under a single umbrella all aspects of cabin refurbishment and completion, has found a buyer.

March 30, 2010 - 5:30am

Phillip Friedman, CEO of Harlow Aerostructures of Wichita, at press time was vying to buy the assets of bankrupt aircraft developer Epic Air. Last year, Friedman mounted an effort to bid on the assets of bankrupt very light jet manufacturer Eclipse Aviation, although he never made it into the final bidding. An auction for Epic’s assets–Epic Air, Aircraft Investor Resources and Aircraft Completion Services–was scheduled for March 26.

March 11, 2010 - 11:07am

Phillip Friedman, CEO of Harlow Aerostructures of Wichita, is vying to buy the assets of bankrupt aircraft developer Epic Air. Last year, he mounted an effort to bid on the assets of bankrupt very light jet manufacturer Eclipse Aviation, though he never made it into the final bidding. An auction for Epic's assets is scheduled for March 26.

January 28, 2010 - 5:16am

The court-appointed trustee in the 2008 Silver State Helicopters (SSH) collapse has filed suit against the company’s ex-CEO, Jerry Airola, and his top deputy, Steve Pickett, charging that the two used a complex shell game to fraudulently transfer $8.2 million out of the company in the months immediately before it declared bankruptcy.

November 24, 2009 - 12:54pm

Swindler Bernard Madoff’s charter company, BLM Air Charter, filed for voluntary bankruptcy (Chapter 11) in the U.S. Bankruptcy Court Southern District of New York on November 12. The bankruptcy filing lists two creditors as holding the largest unsecured claims: Embraer Aircraft Customer Service, with a claim of $240,728.50; and Rolls-Royce, with $181,289.76. Irving Picard, court-appointed trustee for the liquidation of Bernard L.

November 23, 2009 - 5:49am

Although Eclipse Aviation no longer exists, having been liquidated following a Chapter 7 bankruptcy filing earlier this year, legal actions surrounding the company continue to multiply.

September 30, 2009 - 12:20pm

In a hearing of the lawsuit filed by Blue Sky Avgroup against kit-airplane developer Epic Air, a federal judge in late August agreed with both the plaintiff’s and defendant’s request that a receiver be appointed. Early this month, the receiver is expected to provide a report and then Bend, Ore.-based Epic Air and sister companies Aircraft Completions Services and Aircraft Investor Resources will file for bankruptcy.

July 27, 2009 - 11:16am

The European Aviation Safety Agency suspended the European type certificate (TC) held by bankrupt Eclipse Aviation. The company was granted the EASA type certificate on Nov. 21, 2008, and four days later Eclipse Aviation filed for bankruptcy.

June 2, 2009 - 6:46am

JetChoice, a Little Canada, Minn.-based membership charter company, voluntarily filed for Chapter 7 bankruptcy (liquidation) last month. The filing lists assets of $5.4 million, $4 million owed to creditors holding secured claims, $465,695 owed to creditors holding unsecured priority claims and $21.3 million owed to unsecured creditors.

May 7, 2009 - 12:45pm

JetChoice, a Little Canada, Minn.-based membership charter company, voluntarily filed for Chapter 7 bankruptcy (liquidation) last Friday. JetChoice’s holding company, Corsair Aviation, also owns Capitol Wings of Austin, Texas, and ACM Aviation of San Jose, Calif.

 
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