Bankruptcy court approves sale of Mooney to AASI

 - May 15, 2008, 5:55 AM

As expected, a U.S. Bankruptcy Court last month signed an order approving the sale of Mooney Aircraft Corp. to AASI of Long Beach, Calif. AASI officials also disclosed that they intend to change AASI’s name to Mooney Aerospace Group and will operate the renamed Mooney Airplane Co. as a subsidiary. Immediate plans call for ramping up production of spares and 21 partially completed Mooney airplanes; redesigning the Jetcruzer 500 turboprop; and searching for other acquisitions. Roy Norris, chairman, president and CEO of the new Mooney Aerospace Group, said he has entered discussions with Bill Northrup, owner of Century Jet Corp., about acquiring the rights to build the not-yet-fully-developed six-seat, twin-turbofan Century Jet.