In The Works: VisionAire Vantage VA-10 | Aviation International News

In The Works: VisionAire Vantage VA-10

VisionAire, now operating under Chapter 11 bankruptcy, is focusing its efforts on obtaining additional funding.

By AIN Staff • AIN Staff

May 7, 2008

VisionAire, now operating under Chapter 11 bankruptcy, is focusing its efforts on obtaining additional funding. “We’re continuing discussion with several different sources,” said a spokesman, “two of which are European investment syndications.” In August, VisionAire was forced into Chapter 7 involuntary liquidation by a group of five creditors, including two former members of its board of directors. The company petitioned the court to convert to Chapter 11 bankruptcy, which a federal judge granted. Meanwhile, development work on the redesign of the single-turbofan Vantage has slowed to a near standstill.

A court review of VisionAire’s restructuring efforts is scheduled for early this month, a company spokesman said, and at this time funding needs to be in place, or nearly so. To date, the company has raised about $65 million from about 470 investors, but needs at least $130 million more.

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