Ayres Corp. is no more and the prospects for the Loadmaster LM200 are now bleaker than ever. On August 7, GATX Capital, which had been operating Albany, Ga.-based Ayres Corp. using “debtor in possession” financing since Ayres entered Chapter 11 bankruptcy in November last year, foreclosed on the debt-ridden company. As legally required under such a transaction, the name of the company was changed; hence, Ayres Corp.
Aviation International News » September 2001
The world’s economy may be in a financial funk, but you wouldn’t know it from the advance sales for this month’s NBAA 54th Annual Meeting and Convention in New Orleans. Despite the global monetary downturn, at press time nearly 5,000 booth spaces had been sold to more than 1,000 exhibitors–124 of which are first-timers.
Flight Options, the Cleveland-based provider of fractional-ownership shares in pre-owned business jets, has started to explore the possibility of developing common cockpit layouts across most of its fleet.
When UAL Corp., the parent company of United Airlines, announced in May that it would enter the business aviation market with creation of a new subsidiary to be known as United BizJet Holdings for the time being, it was big news. And it was assumed by some that this was the first venture into business aviation by a major airline. Wrong!
Last year’s dot-com nosedive has taken its toll on the startup companies planning to build new business aircraft and seeking ever more elusive investor funding. Notably, Century Aerospace in June indefinitely shelved its plans to build the entry-level six-place, twin-turbofan Century Jet.
In a show of solidarity that even FAA Administrator Jane Garvey acknowledged would have been “hard to imagine” two or three years ago, 13 aviation groups ranging from the National Air Traffic Controllers Association (Natca) to AOPA urged the Bush Administration to make aviation capacity improvements a top national priority.
Failed inverters appear to be the prime suspect in the NTSB’s investigation of the January 27 crash of a King Air 200 in Strasburg, Colo. The two crewmembers and eight Oklahoma State University (OSU) basketball team members and personnel aboard the twin turboprop were killed in the accident.
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