Per-seat, on-demand very light jet (VLJ) air-taxi firm DayJet last Friday filed for Chapter 7 bankruptcy (liquidation), just four days after company founder Ed Iacobucci expressed doubt at a VLJ air-taxi conference that the Boca Raton, Fla.-based charter operator would be resurrected.
The state of the assets of bankrupt Silver State Helicopters is providing clues about how the troubled company was run before its shutdown and Chapter 7 (liquidation) bankruptcy filing in February. At the time of its closing, Silver State was the largest civilian helicopter school in the U.S., with 2,400 students and more than 700 employees distributed among 33 locations.
Organizationally troubled Sentient Flight Group will be undergoing a restructuring, only a few weeks after the Weymouth, Mass.-based charter operator and management firm announced that company chairman Gregory Campbell would be replacing Steve Hankin as CEO.
Englewood, Colo.-based Aviation Technology Group filed Chapter 7 bankruptcy in May to liquidate its assets. The company, which had been developing the two-seat Javelin and a military trainer version of the twinjet, suspended development of the VLJ program in late December since it wasn’t able to secure the needed additional funding. ATG laid off about 100 employees at that time.
Englewood, Colo.-based would-be very light jet manufacturer Aviation Technology Group recently filed Chapter 7 bankruptcy to liquidate its assets. The company, which had been developing the two-seat Javelin and a military trainer version of the twinjet, suspended development of the VLJ program in late December since it wasn’t able to secure the needed additional funding.
Czech bankruptcy administrator Zlatava Davidova has awarded the assets of bankrupt Let Kunovice to Czech lightplane manufacturer Moravan Otrokovice, ostensibly ending a complicated tender process for the sale of the former Ayres Corp. subsidiary. Moravan, which plans to retain the Let name, expects to continue production of the 19-seat Let L-410 and its Westernized sibling, the L-420, as well as to pursue a number of new projects.
Tyler Jet Aircraft Sales, hit hard by the downturn in the economy last year and the aftermath of September 11, is expected to emerge from reorganizing under Chapter 11 bankruptcy proceedings within the next 60 days, according to v-p and general manager Orville Winover. Tyler Jet Aircraft Sales was forced into Chapter 7 in February, but in March the bankruptcy court granted Tyler’s motion to put the case under Chapter 11.
A bankruptcy court judge in the Czech Republic last month granted bankruptcy petitions filed by several creditors against Moravan Airplanes and Libor Soska, CEO of LZ Aircraft Works, the company formed by the merger of Moravan and Let Kunovice. The judge then declared Soska involuntarily bankrupt.
VisionAire, now operating under Chapter 11 bankruptcy, is focusing its efforts on obtaining additional funding. “We’re continuing discussion with several different sources,” said a spokesman, “two of which are European investment syndications.” In August, VisionAire was forced into Chapter 7 involuntary liquidation by a group of five creditors, including two former members of its board of directors.
Wichita-based Executive Aircraft, which filed for bankruptcy protection in August, expects court confirmation of its plan for reorganization next month. Part of the plan is to close its aircraft sales division and concentrate on other core businesses, including maintenance, completions, refurbs and FBO services at Mid-Continent Airport.