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 LT Dynasty
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.
Doug King, CEO of the LT Builders Group, yesterday at EAA AirVenture said that kits for the $1.9 million (complete) single-engine turboprop LT are back in production at the former Epic factory in Bend, Ore. Epic filed for bankruptcy last year and was liquidated. The LT Builders Group subsequently acquired exclusive rights for the former Epic kitplane designs in North America and the U.S. territories.
A bankruptcy judge on April 12 approved an asset purchase agreement between China Aviation Industry General Aircraft (CAIGA, also known as AVIC General Aviation) and the bankruptcy trustee of Epic Air. CAIGA’s bid of $4.3 million
U.S. judge Randall Dunn on Friday ruled that China Aviation Industry General Aircraft Co. (CAIGAC) will be the winning bidder for the assets of bankrupt turboprop kit manufacturer Epic Air, but only if it licenses bidder LT Builders Group to manufacture Epics in Bend, Ore., according to a report in The Oregonian, which has been attending the Epic hearings.
An evidentiary hearing was scheduled today to determine the winner of an auction held last Friday for the assets of bankrupt Epic Air and its sister companies. Bidders were China Aviation Industry General Aircraft Co. (CAIGAC), Harlow Aerostructures and LT Builders Group. CAIGAC’s all-cash bid of $4.3 million was highest, followed by Harlow’s bid of $4 million.
Epic Aircraft’s plan to transition from the kit-built market to certified aircraft has suffered a setback. At the EAA AirVenture show in Oshkosh, Wis., at the end of July, only one Epic LT single-engine turboprop was on display, and company founder, chairman and CEO Rick Schrameck never showed up. In July, Epic’s facility in Bend, Ore., was locked shut and employees sent home.
In a hearing of the lawsuit filed by Blue Sky Avgroup against kit-airplane developer Epic Air, a federal judge on Tuesday agreed with both the plaintiff’s and defendant’s request that a receiver be appointed. Within about 45 days, the receiver is expected to provide a report and then Epic Air and sister companies Aircraft Completions Services and Aircraft Investor Resources will file for bankruptcy.
Blue Sky Avgroup has followed up its initial lawsuit against kit aircraft manufacturer Epic Air with an amended lawsuit.
- Page 1