Epic Aircraft unveiled a revised instrument panel for its E1000 single-engine turboprop here at AirVenture. The automotive-style panel was designed in-house and features the Garmin G1000 glass-panel avionics system. The $2.75 million E1000 is intended to be the certified version of Epic’s LT kit aircraft. Epic filed for certification 18 months ago and CEO Doug King expects to complete the process in 2015 and have the first conforming aircraft flying at the end of 2013.
Epic Aircraft (Booth No. SNF-003) plans to gain FAA certification for its Epic LT turboprop single late next year, the Bend, Ore.-based company told AIN at the Sun ’n Fun Fly-in in Lakeland, Fla. It has already fielded 40 owner-flown versions of the 325-knot airplane, with S/N 49 now on the production line.
The company is now using a demonstrator for initial flight testing and will soon start building two conforming prototypes that it will use for FAA certification efforts. Both prototypes are expected to be flying by year-end, according to company president Doug King.
Following the purchase of kit-builder Epic Aircraft by Russian MRO provider Engineering llc, Epic has launched an effort to achieve FAA certification of the six-seat, pressurized, composite Epic LT. Powered by a Pratt & Whitney Canada PT6-67, the LT is currently offered as a kit in the experimental aircraft category.
Epic Aircraft announced March 6 that it has been sold to a Russian MRO by the name of Engineering llc and plans to put its kit LT single-engine turboprop aircraft into FAA-certified production. Terms of the deal were not disclosed.
Bend, Ore.-based Epic Aircraft, maker of the Epic LT turboprop single kitplane, was acquired on Tuesday by Engineering llc, a Russian maintenance, repair and overhaul firm. Terms of the deal were not disclosed.
Epic Aircraft CEO Douglas King, who remains with the company in this same position, said it is “exciting to be a part of Epic Aircraft’s next chapter.” This next step is FAA certification, and the acquisition will give Epic enough funding to work on a certified version of the six-place turboprop. According to Epic, it will take about three years to certify the airplane.
Cirrus has restructured more than $13 million worth of loan and lease obligations related to its Grand Forks, N.D. production facility with that city’s Growth Fund. Cirrus employs approximately 90 people in Grand Forks who make composite component parts for its SR-series piston aircraft, which are then shipped to the company’s assembly line in Duluth, Minn.
Kestrel Aircraft is abandoning plans to set up the headquarters and new production plant for its K-350 single-engine turboprop in Brunswick Landing, Maine. On January 16, the company announced a $118 million deal to locate in Richard I. Bong Airport in Superior, Wis., and begin construction in June. The agreement is being financed by a variety of grants, low-interest loans, and tax credits from the City of Superior, Douglas County and the state of Wisconsin.
Assembling Sources of Capital
Emivest Aerospace has had its court-administered Chapter 11 bankruptcy protection extended through midsummer while it tries to complete the sale of the companyπs assets to an entity owned by the Chinese government. Attorneys for the maker of the SJ30 light jet successfully petitioned the U.S.
Emivest Aerospace’s Chapter 11 bankruptcy reorganization filing late last month revealed that the company has until January 14 to find a buyer or could face Chapter 7 liquidation. Any prospective buyer of the manufacturer of the SJ30 light jet would have until February 4 to close the deal.
Chinese Firm Acquires Epic’s Assets
Composite aircraft builder Epic’s plan for three new turboprop and two light jet models collapsed when the Bend, Ore.-based company filed for bankruptcy last year, stranding 12 of its builder-assisted, single-engine turboprop LT kitplanes on the assembly line.
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