Handelsblatt: German aircraft maker Avcraft files for insolvency (Auch der 328-Jet steht vor dem Aus).
158 words
PublishDate : March 10, 2005
SourceName : Handelsblatt
Avcraft Aerospace, the German subsidiary of US aircraft maker Avcraft, is to enter insolvency proceedings and end production of its 30-seater 328-jets. Wolfgang Walter, managing director of Avcraft said that he had filed for insolvency on February 23. The insolvency administrator will make a decision on the application today and Mr Walter believes that insolvency proceedings will commence within the next few days.
Avcraft is filing for insolvency as the result of delays in the sale of five aircraft to Chinese airline Hainan. The German company has therefore been unable to pay its 345 employees for February. Mr Walter still hopes Avcraft will be able to continue operating and is searching for an investor. However, if the insolvency of German aircraft maker Fairchild Dornier is anything to go by, a new investor for Avcraft will be hard to find.




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