Avantair

July 29, 2013 - 9:10am

The future of Avantair, the operator of Piaggio Avanti fractional ownership, Axis Lease and Edge Card flight access programs, was hanging in the balance at press time as the Clearwater, Fla.-based company urgently sought restructuring options following its June 26 cessation of operations.

July 18, 2013 - 2:00pm

As prospects dim for Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, concerns about its future are taking a back seat to questions about how owners will recover their aircraft. Among recent developments:

July 16, 2013 - 2:30pm
These four Avantair aircraft, at New York-area Teterboro Airport, were repossessed by Rapid Aircraft Maintenance Services, which is planning to auction the aircraft if Avantair does pay its maintenance bills. (Photo: Kirby J. Harrison)

The eleventh-hour proposal to restructure Avantair, the Clearwater, Fla.-based Piaggio Avanti turboprop fractional ownership program, is on hold amid owner resistance.

July 9, 2013 - 3:35pm

On Wednesday, Avantair sent out its “go-forward plan” for “NewCo,” the working name for a reborn Avantair, that would first seek to “restructure and stabilize the business” as a mostly East Coast-only fractional provider. Under the plan, the company’s debts would be wiped out, though the plan does not specify how that will be accomplished.

June 28, 2013 - 1:11pm
Piaggio Avanti fractional provider Avantair shut down yesterday and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations."

Fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing.

June 27, 2013 - 3:00pm

Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down yesterday and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to an 8-K SEC filing. Employees were also notified that “the company will not be in a position to fund payroll on June 28,” meaning they will not be paid for time worked since June 8.

June 26, 2013 - 7:00pm
Avantair

Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing. The company also received notice on Monday of a customer class-action lawsuit and is in breach of a lease agreement for its six core airplanes, with their repossession by lessors a possibility.

June 11, 2013 - 3:50pm

After weathering a three-week voluntary grounding stemming from a maintenance issue late last year, operations at Piaggio Avanti fractional provider Avantair have been pretty much normal. That is until last Thursday, when an anonymous call to the Clearwater, Fla.-based company’s whistleblower hotline initiated the grounding of its fleet again.

February 7, 2013 - 3:10pm

Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair recalled all of its remaining 15 furloughed pilots yesterday, company CEO Steve Santo told AIN. This brings Avantair’s pilot ranks to 194 people, not including 10 pilots who opted to bypass during the recalls following a voluntary fleet grounding and subsequent pilot furlough late last year.

January 29, 2013 - 4:15pm

Clearwater, Fla.-based Piaggio Avanti fractional operator Avantair says that its flight and maintenance operations have fully recovered from a three-week voluntary standdown that ended in November. Further, it has closed a second round of funding since the grounding and hired a new COO.

 
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