South Woodstock, CONNECTICUT / July 19, 2016 - As 2016 began, the most successful seller of Light-Sport Aircraft, Flight Design GmbH of Germany, faced a daunting financial situation that resulted in significant actions to remedy the situation. In the space of a few months, the company has worked diligently with its creditors and the forward view is taking an agreeable perspective.
"After a challenging first few months of 2016, things are looking up at Europe's Flight Design GmbH," said Flight Design USA President, Tom Peghiny. Flight Design USA is the North American importer that has propelled the Germany company's CT series to the top of the LSA fleet in America. "After seeking and gaining acceptance of voluntary insolvency under German law, the company has worked with dealers and suppliers to reorganize and continue producing aircraft at their facilities in Ukraine and Germany," Peghiny added.
Peghiny noted that the most important news for existing owners of Flight Design aircraft was the immediate investment to ensuring the continuation of safety related fleet surveillance. This is a key component of Continued Operational Safety Monitoring (COSM), which is of primary importance to European regulator EASA, America's FAA, and aviation regulators worldwide.
In parallel, the Flight Design engineering staff has focused on continuation of all current approvals and completed an EASA Audit at their production facilities the third week of July 2016.
"Newly manufactured metal and composite spare parts are being shipped to customers as a result of successful negotiations with the company's major supplier network," observed Peghiny. "Several aircraft that were in the process of manufacture are now nearing completion and approval for delivery to their respective customers."
Peghiny suggested the most important and hopeful news is after successful negotiations with major dealers is that new aircraft orders have been received and are now in the process of being delivered. "This is particularly good news for suppliers, employees and supporters of Flight Design."
"We are very pleased to see things moving again," said Daniel Gunther, COO of Flight Design GmbH in Germany. "It shows good faith from our dealers and suppliers to help us now when we really need it. We have received strong support from our employees as well. We look forward to delivering these new orders and moving forward," said Gunther.
As these developments continue, promising negotiations with potential investors are currently in process. Recognized as a leading brand in light aviation worldwide, Flight Design is a prime opportunity for investment to continue the production of their advanced line of CT series aircraft and continue development of the state of the art C4, a four-place general aviation aircraft.
FACTS ABOUT FLIGHT DESIGN USA
Flight Design USA was one of the first businesses engaged in the Light-Sport Aircraft segment created by FAA in 2004. The company, headquartered in Connecticut, has popularized the CT series of aircraft so successfully that it continuously held the number-one position in the LSA fleet market share since the new sector was announced. The U.S. company also played an important role in the development of the four seat general aviation aircraft named C4, due on the market after 2017.
Flight Design USA President Tom Peghiny chaired the important Airplane Design & Production committee of ASTM, the international organization that aided the industry when it developed industry consensus standards for Light-Sport Aircraft now accepted in many countries. He is also a longtime board of directors member for the Light Aircraft Manufacturers Association (LAMA).
