Avantair’s bankruptcy trustee filed a motion last week that seeks to sell a Socata TBM 700 owned by a wholly owned subsidiary and used solely for company executive transport. If Middle District Florida Bankruptcy Court judge Catherine McEwen approves the motion during a scheduled hearing on October 17, aircraft sales broker Corporate Jet Solutions would list the turboprop single for $1.85 million.
Clearwater Fla.-based Avantair’s assets will be sold off and the company liquidated after it failed to meet a deadline last week to contest an involuntary Chapter 7 filing in the Florida Middle District U.S. Bankruptcy Court in Tampa. Judge Catherine McEwen signed an order on Friday converting the case to full Chapter 7 status and gave former fractional provider Avantair until this Friday to provide the court with a list of creditors, co-debtors and unexpired leases. The court has also given Avantair’s creditors until December 18 to file a claim.
On Tuesday, Avantair asked for more time from the judge overseeing an involuntary Chapter 7 case filed against the fractional aircraft company in the U.S. Bankruptcy Court in Tampa, Fla. Avantair, which had until Tuesday to respond to the filing, argued that the “company continues to negotiate with potential sources of financing and potential plan proponents in an effort to reorganize.”
The involuntary Chapter 7 case against Avantair in the U.S. Bankruptcy Court in Tampa, Fla., is proceeding at a much faster pace than industry sources initially expected. On Thursday, just one week after the case was filed, U.S. Bankruptcy Judge Catherin McEwen held an emergency hearing to consider the filing creditors’ request for appointment of an interim bankruptcy trustee, as well as a motion to prevent removal of business records.
The Independent Fixed Base Operators Association (Ifboa) announced last month that it has now surpassed the 500-member-company mark. Founded in 2006, the group includes FBO operators, flight schools, repair stations and aircraft management and sales firms among its ranks.
The typical summer build in inventory is being held at bay perhaps by buyers’ sense that values have arrived at such attractive, even laughably low, levels that it doesn’t make sense not to buy. Some would-be sellers may be applying similar logic and removing their aircraft from the market as a result of those same low levels. Regardless of the reason, inventory is holding steady at a time when it often increases.
Indian commerce minister Anand Sharma announced the raising of the country’s cap on foreign direct investment (FDI) in 13 important industrial sectors, including defense. But while the defense industry was expecting the cap to be raised to 49 percent from the present 26 percent, Sharma said that defense proposals for more than 26 percent will be permitted only for state-of-the art technology.
The Equipment Leasing & Financing Foundation has released the results of a survey of financing experts, “to reveal and analyze the collective thinking of business aircraft lenders, lessors and investors (financiers) about the future of their industry in 2013 through 2016.” In general, “Financiers think the worst effects of the recession and financial crisis in 2008 are behind them and that business is picking up.” The report concludes, “business aircraft will gain altitude in 2013 through 2016 and ultimately ascend to an active (if not robust) transactions market during th
As vendors await the announcement of belated contracts, India continues to grapple with its ever-changing defense procurement policy, with the latest–DPP 2013–announced and effective from June 1. The focus of DPP 2013 is on buying Indian defense products, even though these can fill only a fraction of the country’s requirements.
British Defence Minister Philip Hammond published the details of his plan to appoint a commercial company to manage the UK’s defense procurement. The controversial proposal has been mooted for more than a year and is Hammond’s response to what is widely perceived to be a long history of under-performance by the 15,000-strong Defence Equipment and Support (DE&S) organization.