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."
More News
Airport Rotating Beacon A visual NAVAID operated at many airports. At civil airports, alternating white and green flashes indicate the location of the airport. At military airports>[...]
Aero Linx: Fly for the Culture Fly For the Culture, Inc. is a 501(c)(3) non-profit organization that serves young people interested in pursuing professions in the aviation industry>[...]
Klyde Is Having Some Issues Comprehending The Fed's Priorities FMI: www.klydemorris.com>[...]
Also: Viasat-uAvionix, UL94 Fuel Investigation, AF Materiel Command, NTSB Safety Alert Norges Luftsportforbund chose Aura Aero's little 2-seater in electric trim for their next gli>[...]
Also: EP Systems' Battery, Boeing SAF, Repeat TBM 960 Order, Japan Coast Guard H225 Buy Despite nearly 100 complaints totaling millions of dollars of potential fraud, combined with>[...]