In The Works: VisionAire Vantage VA-10

 - May 7, 2008, 11:54 AM

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. The company petitioned the court to convert to Chapter 11 bankruptcy, which a federal judge granted. Meanwhile, development work on the redesign of the single-turbofan Vantage has slowed to a near standstill.

A court review of VisionAire’s restructuring efforts is scheduled for early this month, a company spokesman said, and at this time funding needs to be in place, or nearly so. To date, the company has raised about $65 million from about 470 investors, but needs at least $130 million more.

VisionAire now has about 10 full-time employees left at its Chesterfield, Mo. offices, down from about 20 in August. The spokesman said the company still holds $60,000 deposits for more than 50 aircraft. First flight of the