Reports of the demise of the Loadmaster program are unfounded, according to Russ Heil, CEO of Ayres Corp., the Albany, Ga.-based agplane OEM and developer of the Loadmaster. It’s true that in its second quarter 2001 financial statement FedEx stated it had taken a write-off on the Loadmaster and that one FedEx official said the airplane wouldn’t be built. However, it’s not true that FedEx has cancelled its 1996 order for 250 Loadmasters (50 firm and 200 optioned, later changed to 75 firm and 175 optioned), said Heil, who was appointed CEO by GATX Capital after Ayres declared Chapter 11 bankruptcy on November 27 last year. Ayres, still legally owned by founder Fred Ayres, owes GATX about $22 million, Heil told AIN.
According to Heil, GATX, a finance and leasing company, does not want to continue as an OEM and is in negotiations with several parties interested in acquiring the assets of Ayres. These assets include the company’s facilities, tooling and intellectual property to the Loadmaster and Turbo-Thrush agplane. “It will be the decision of the successful bidder whether or not to continue the Loadmaster program or try to sell it,” Heil said. GATX, which has been providing debtor-in-possession financing to Ayres, is expected to complete the foreclosure process on August 7.
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