Tue, Dec 18, 2012
Entered Chapter 11 On December 7th Due To Product Liability Litigation Costs
Precision Airmotive said in a letter to its customers dated December 13th that it had entered Chapter 11 bankruptcy. In the letter, the company said the move was taken as the result of "product liability litigation costs incurred with respect to our former carburetor line and does not reflect upon the viability of the business itself."
The company said in the letter that it continues to be financially viable and stable, with a record of on-time product delivery. "It is our desire and expectation to maintain this high standing with our customers-which is why we have voluntarily chosen to take this action," the letter states.
Precision Airmotive said it "fully anticipates delivery of product to continue per agreed upon terms." The company said that the filing will allow it to "restructure and emerge as an even stronger and healthier organization," and that the move is "in the best interest of both Precision Airmotive and our valued partners."
On its website, the company says it is the Original Equipment Manager (OEM) of RSA Fuel Injection Systems. "Because we are the only manufacturer of this time-proven fuel control, engine manufacturers around the world rely on our expertise and engineering excellence to design systems for new generations of aircraft. Precision's engineers have updated the existing RSA Fuel Injection System and supply these systems for installation on new Cessna Aircraft currently in production."
As If We Didn’t Have Enough to Do, Another Critical Challenge Demands Our Full Attention It has been a brutal few weeks… starting with the loss of our dear friend, Bob>[...]
Two Years After Tragedy, The Program Proves It Still Has The Right Stuff The newest SpaceShipTwo has flown free for the first time. According to the Virgin Galactic crew, "Our new >[...]
Proposal Runs Afoul Of Federal Authority Over The Nation’s Airspace... The Academy of Model Aeronautics (AMA) sent a letter to the Orlando City Council in opposition to a pro>[...]
"This represents culmination of many years of hard work and perseverance by the team here in the USA and back at base in Germany too, we’re literally over the moon.” So>[...]
The FAA Has Granted Type Certification To AutoGyro For Its Factory-Built Calidus Aircraft It seems we hear a lot about new FAA type certification of airliners and corporate jets, b>[...]