LZ bankruptcy orphans hundreds of Let L-410s | Aviation International News

LZ bankruptcy orphans hundreds of Let L-410s

A Czech regional court in Brno has declared Let Kunovice and Ayres Corp.

By Gregory Polek • Senior Editor

October 4, 2007

A Czech regional court in Brno has declared Let Kunovice and Ayres Corp. successor Letecke Zavody (LZ) Aeronautical Industries bankrupt, once again leaving hundreds of 19-seat Let L-410 turboprops without a factory support structure. Letecke Zavody, the subsidiary of Czech light-plane manufacturer Moravan Aeroplanes, assumed control of the Let assets in 2001, after the now defunct Albany, Ga.-based Ayres failed to deliver on its promise to certify the 40-seat Let L-610G turboprop and revive subassembly work at the half-century-old manufacturer.

LZ’s demise comes as a result of the court’s endorsement of a series of creditor petitions, including one filed by a pair of Canadian investors who threatened to seek international arbitration proceedings against the Czech Republic if it didn’t file criminal and civil charges against company chairman Libor Soska.

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