January 6, 2009
By Alton K. Marsh
Superior Air Parts has filed for protection under Chapter 11 of federal bankruptcy law, but only to facilitate a sale of company assets to a Textron subsidiary that is already in progress.
When Thielert Aircraft Engines, the diesel engine manufacturer based in Europe, ran into financial difficulties, court-appointed trustees decided it would be best to sell Thielert’s subsidiary, Superior Air Parts. A buyer, Avco Corp., was found, but the sale was contingent on Superior filing Chapter 11 bankruptcy proceedings. On Dec. 30, 2008, the $11.5 million purchase price offered by Avco, a Textron subsidiary was accepted, and bankruptcy filings were filed Dec. 31 in the U.S. Bankruptcy Court in the Northern District of Texas.
Court records state proceedings can conclude Feb. 24. In the meantime, court records indicate that Superior Air Parts is shipping parts but not manufacturing them or Vantage engines. Key personnel have been retained. Records also state that Superior lost $5.6 million in 2007 and $4.2 million in 2008. The company is reported in court filings to owe Thielert $15 million, an amount that is in dispute. See the notice of auction and sale of assets.
AOPA's first regional fly-in of 2014 kicks off April 26 in San Marcos, Texas. Here are 10 tips to look forward to the day of the fly-in.
Able Flight, the nonprofit organization that works to provide free flight training to individuals with physical disabilities, announced the awards of a record-setting nine scholarships in 2014.
Wisconsin’s governor has signed a bill adding aviation to an existing recreational-use statute.
VOLUNTEER AT AN AOPA FLY-IN NEAR YOU!
SHARE YOUR PASSION. VOLUNTEER AT AN AOPA FLY-IN.
VOLUNTEER LOCALLY AT AOPA FLY-IN!
BE A PART OF THE FLY-IN VOLUNTEER CREW!