Sun, Jul 19, 2020
Established in 2008, CSA Has Produced Nearly 700 Aircraft
Media reports filed in the Czech Republic have reported that Czech Sport Aircraft is deeply in debt and reportedly filed for insolvency late last month -- though the company makes no mention of this on their website.
This is not the first time this company has run into serious financial trouble, but has heretofore recovered from prior skirmishes with financial difficulties.
Currently; CSA is reported to owe creditors 62.6 million crowns, which allegedly exceeds its total value. Media reports, based on insolvency documentation, state that it has been proposed that the court declare bankruptcy, while the Regional Court in Brno has already approved the motion to start the process. CSA owes most of its debt to Investfinance Slovakia -- nearly 54 million crowns. Investfinance Slovakia has provided loan capital to the company to this point but has apparently refused to extend any more funds under the current circumstances.
The company produces popular LSA-type aircraft. hundreds of which have been imported into the US... including a short and abortive program formerly affiliated with Piper Aircraft... before they pulled the plug on that effort.
Based in Kunovice, Czech Republic, the company allegedly lost 28 million crowns in 2017 with revenues of over 140 million crowns.
CSA produces the Cruiser Aircraft line, including the SportCruiser and PS-28 Cruiser... both all metal, low-wing, side by side two seaters with Rotax power.
Questions to the company have gone unanswered... the website's most recent news blog states that the organization is on holiday until July 26th. "We will not be able to respond to your requests within the given date. We will handle it after our returning from vacation."
More info to follow...
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