Financial Woes Leave F1 Kestrel in Limbo
The UK’s Farnborough Aircraft filed for bankruptcy protection on September 12, and its administrator is now seeking fresh investors in the company or someone willing to buy the intellectual property rights for its F1 Kestrel single-turboprop aircraft program. Proposals for the company’s future can be made to creditors by the first week of November, and it can remain in administration for at least a year. Originally, the F1 Kestrel had been due to complete certification this year but, after an abortive alliance with Epic Aircraft of the U.S., this was pushed back until 2010. Farnborough Aircraft subsequently linked itself with Gamco of the United Arab Emirates to form the Gulf Aircraft Partnership. However, AIN has been unable to ascertain the exact status of this partnership.