LZ claims to be unfazed by Moravan bankruptcy
After announcing plans to lay off up to 350 employees starting March 1, Moravan Aeroplanes’ LZ Aeronautical Industries division continues to champion the l

After announcing plans to lay off up to 350 employees starting March 1, Moravan Aeroplanes’ LZ Aeronautical Industries division continues to champion the long-foundering Let L-610G as a viable program, despite the uneventful passing of the Czech company’s own year-end 2002 funding deadline. Meanwhile, Dr. Ilan Meluzin of the regional court in Brno confirmed last month that a judge has declared Moravan Aeroplanes’ parent company, Moravan Otrokovice, bankrupt.

The court has assigned a company by the name of Leges, based in Zlin, as the administrator of the company’s assets. Leges principal Josef Orbis told AIN last month that Moravan creditors would meet on March 5 to form a creditors’ committee. The original bankruptcy petitioners include the Prague-based private bank CSOB, Moravan’s lead creditor.