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."
Also: Trig TT31 Update, Barnstorming--GA Wimping Out, Gone West: MiG Designer Belyakov, Zenith's 10000 Plan! When the FAA opened the door for easier angle of attack (AoA) indicator>[...]
Young Pilots Take Aviation, Culture, And Life Lessons Back To Chinese And Other Asian Airlines TransPac Aviation Academy, which says it graduates some 400 students annually, this w>[...]
“Watchkeeper will provide real-time information for troops conducting operations on the ground, allowing them to understand better and thereby overcome threats they may face.>[...]
Number Of Airlines And Other Operators Of Q400 And Q400 Nextgen Aircraft In Africa Has Grown To 15 Bombardier Aerospace and RwandAir of Kigali, Rwanda today celebrated the delivery>[...]
Aero Linx: Aviation Consumer Protection The Office of the Assistant General Counsel for Aviation Enforcement and Proceedings, including its Aviation Consumer Protection Division, m>[...]