Phillip Friedman, CEO of Harlow Aerostructures of Wichita, is vying to buy the assets of bankrupt aircraft developer Epic Air. Last year, he mounted an effort to bid on the assets of bankrupt very light jet manufacturer Eclipse Aviation, though he never made it into the final bidding. An auction for Epic's assets is scheduled for March 26. Those assets include those of Epic Air, Aircraft Investor Resources and Aircraft Completion Services, which helped Epic kit builders complete their aircraft. Although the auction is scheduled, the trustee for Epic has asked the court for approval to sell the assets to Harlow Aerostructures for $2 million. The bankruptcy schedule valued the assets at $20.295 million. Epic Air filed for Chapter 11 bankruptcy last September and then Chapter 7 in October, leaving partially completed single-engine turboprop Epic kits locked in the company’s Bend, Ore. facility. Under the terms of Harlow’s asset-sale agreement with the trustee, the purchase would not include responsibility for any legal claims against Epic and its sister companies, any interest in the joint venture or co-development arrangement with Farnborough Aircraft or any leasehold or rights to the facilities in Bend.
Harlow Aero in Bid To Buy Epic Air Assets
- March 11, 2010, 11:07 AM