Fri, Nov 03, 2023
Parachute Company Was Formerly Known as Aviation Safety Resources
Pioneer Aerospace Corporation, d.b.a. ASR-Pioneer, has declared Chapter 11 bankruptcy and is seeking to sell the company under Section 363 of the Bankruptcy Code.
The parachute manufacturer is a collection of companies, including Pioneer and Strong Parachutes, taken under the wing by former parent Aviation Safety Resources, when it was run by former Boss, Larry Williams... who was booted from the company last year and reportedly suing them for damages.
The initial filing, in the Middle District Of Florida, Orlando Division, on November 1st raises quite a few questions, especially since the creditor's list seems incomplete and at least one significant shareholder claims to have not been notified about the filing.
A company spokesperson told ANN that, “Our company has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. We are pursuing a sale of the company under Section 363 of the Bankruptcy Code. This was a difficult choice to make but we are hopeful to come out better on the other side.”
The same company official attempted to coerce ANN into not reporting the story -- even though the filing is a public event easily accessed online -- specifically mentioning the potential for future ad business if/when the company recovered. ANN counseled the official that this was not a proper conversation and that we would not be a part of it, whereupon the same official apologized for the ethically challenged request.
FMI: Scott E Bomkamp, Atty For The Office of the United States Trustee, DOJ-Ust, scott.e.bomkamp@usdoj.gov
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