Farnborough Aircraft has been rescued from bankruptcy by an as yet undisclosed new investor, who bought the company’s assets and cleared its debts for an undisclosed amount. The UK-based company is now seeking more investors and negotiating new partnership agreements with a view to completing certification of its Kestrel single-engine turboprop. The new investor is expected to relocate the company outside the UK, and there could be some changes to the design of the production aircraft. No revised date has been given for completing certification of the six-passenger aircraft. Before Farnborough Aircraft filed for bankruptcy protection in September, this approval had been expected next year.
Investors revive Farnborough AC
- April 30, 2009, 5:57 AM