HAS Corp., Major Bell Reseller, Files Chapter 11
HAS Corp, the Dallas and Mount Pleasant, Pa.-based helicopter resale and completions center, has filed for Chapter 11 bankruptcy protection. A leading U.S. EMS and police helicopter customization house, HAS said it has become the victim of adverse business conditions and has filed Chapter 11. HAS CFO Patrick Purcell cited a “variety of economic factors” in the bankruptcy, including high insurance costs, the general economic downturn in the wake of the September 11 and a lack of rotorcraft buyers in search of customized interiors. At the same time, Purcell declined to divulge the debt level provided in the Chapter 11 filing, maintaining that it was being determined before presentation to the courts. The company is jointly owned by brothers Fred and Jim Wagner and an investor, Sakamoto Inc. HAS Corp. currently employs 19 workers and has pledged to service all existing contracts.