Hawker Beechcraft, which is in the process of restructuring under U.S. Chapter 11 bankruptcy protection, posted a $33.8 million net loss on sales totaling $149.9 million last month. In documents filed with the U.S. Bankruptcy Court in New York earlier this week, the company reported spending $1.5 million on restructuring costs, $5.4 million on reorganization items and $8.8 million on research and development.
A September 7 creditors meeting is expected to appoint liquidators to handle the assets of the UK-based Ocean Sky group’s aircraft charter, management and brokering divisions.
Former employees of Jet Republic complain of being betrayed and misled in the sudden collapse of the European would-be fractional ownership company. Speaking to AIN on condition of anonymity, the staff has claimed that the company breached its contractual obligations by failing to give formal notification that they were being laid off, so preventing them from claiming unemployment benefits in their countries.
Roel Pieper’s European Technology and Investment Research Center (Etirc) has filed for bankruptcy, ending Etirc Aviation’s once-lofty plans to distribute Eclipse 500s in Europe and Russia and build an Eclipse assembly plant in Russia. Etirc announced plans to become an Eclipse distributor and help companies operate air-taxi networks two years ago.
An agreement for German investors to take over the trainer aircraft business of the insolvent Grob Aerospace group might have cleared the way for a separate deal to resurrect the SPn light business jet program. On January 28, Grob’s insolvency administrator, Dr.
Grob Aerospace has withdrawn from the MEBA show after its German manufacturing division formally declared insolvency on November 1. Swiss parent company Grob AG, itself, is on the verge of also being declared insolvent.
Germany-based Grob Aerospace GmbH, which was forced to enter the preliminary insolvency process on August 18 after its main source of capital suddenly withdrew financial support for the new SPn light business jet program, on Thursday officially filed for insolvency and laid off most of its staff.
Time is ticking, and Fairchild Dornier has only two months to find a strategic investor. In the hands of a court-appointed administrator since filing for insolvency on April 2, the company’s prospects may have grown even bleaker when one of its biggest customers–GE Capital Aviation Services–withdrew an order for fifty 728 regional jets last month.
German airframer Extra Flugzeugbau of Hunxe entered insolvency last month, similar to Chapter 11 bankruptcy in the U.S.
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.