A bankruptcy court judge in the Czech Republic last month granted bankruptcy petitions filed by several creditors against Moravan Airplanes and Libor Soska, CEO of LZ Aircraft Works, the company formed by the merger of Moravan and Let Kunovice. The judge then declared Soska involuntarily bankrupt.
VisionAire, now operating under Chapter 11 bankruptcy, is focusing its efforts on obtaining additional funding. “We’re continuing discussion with several different sources,” said a spokesman, “two of which are European investment syndications.” In August, VisionAire was forced into Chapter 7 involuntary liquidation by a group of five creditors, including two former members of its board of directors.
Wichita-based Executive Aircraft, which filed for bankruptcy protection in August, expects court confirmation of its plan for reorganization next month. Part of the plan is to close its aircraft sales division and concentrate on other core businesses, including maintenance, completions, refurbs and FBO services at Mid-Continent Airport.
Creditors expect to start reviewing a status report due on November 2 from a court-appointed insolvency administrator for Fairchild Dornier’s 728 program division, just as the most recent target date for first flight of the 70-seat regional jet once again passes uneventfully. Scheduled for this year’s fourth quarter, the 728’s first flight now couldn’t happen until late next year–if ever.
An 11th-hour effort on January 31 failed to keep OEM startup VisionAire afloat after a federal district court judge placed the company back into Chapter 7 bankruptcy on January 21. The company had been operating under Chapter 11 bankruptcy since September, when the judge agreed to the voluntary insolvency after five creditors petitioned the court to place VisionAire into involuntary Chapter 7 bankruptcy in July.
Aspen Executive Air (AEXJet), an ARG/US Platinum-rated charter operator, voluntarily filed for Chapter 11 bankruptcy protection last week in the U.S. Bankruptcy Court, District of Delaware. The petition lists up to $100 million in liabilities, with more than 200 creditors.
Anchorage, Alaska-based regional airline Era Aviation in late December filed for Chapter 11 bankruptcy protection after its main source of capital decided to restrict its funding in a dispute over cash-flow targets.
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