As 2016 began, the most successful seller of Light-Sport Aircraft, Flight Design GmbH of Germany, faced a daunting financial situation that resulted in significant actions to remedy the situation. In the space of a few months, the company has worked diligently with its creditors and the forward view is taking an agreeable perspective.
“After a challenging first few months of 2016, things are looking up at Europe’s Flight Design GmbH,” said Tom Peghiny, president of Flight Design USA, the North American importer of the LSA. “After seeking and gaining acceptance of voluntary insolvency under German law, the company has worked with dealers and suppliers to reorganize and continue producing aircraft at their facilities in Ukraine and Germany.”
Peghiny noted that the most important news for existing owners of Flight Design aircraft was the immediate investment to ensure the continuation of safety-related fleet surveillance. This is a key component of Continued Operational Safety Monitoring (COSM), which is of primary importance to European regulator EASA, America’s FAA, and aviation regulators worldwide. [Read more…]