UK-based Farnborough Aircraft filed for bankruptcy protection on September 12. The bankruptcy administrator is seeking fresh investors in the company or someone willing to buy the intellectual property rights for Farnborough’s F1 Kestrel turboprop-single program. According to David Oprey of accounting firm Chantrey Vellacott, which is handling the administration process, proposals for the company’s future will be made to creditors by around 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 Bend, Ore., 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, Oprey told AIN that he is unsure as to the exact status of this partnership. The first prototype of the composite F1 Kestrel, which is powered by a Pratt & Whitney Canada PT6A-67B engine, made its first flight in July 2006.
Farnborough Aircraft Files Bankruptcy
- September 25, 2008, 10:53 AM