Chinese firm to buy Epic assets | Aviation International News

Chinese firm to buy Epic assets

A bankruptcy judge on April 12 approved an asset purchase agreement between China Aviation Industry General Aircraft (CAIGA, also known as AVIC General Avi

By Matt Thurber • Editor-in-Chief

April 30, 2010

A bankruptcy judge on April 12 approved an asset purchase agreement between China Aviation Industry General Aircraft (CAIGA, also known as AVIC General Aviation) and the bankruptcy trustee of Epic Air. CAIGA’s bid of $4.3 million
was the highest and best offer for the Epic assets, according to the court. The next highest offer was $4 million by Harlow Aerostructures of Wichita. Harlow had previously bid unsuccessfully on the assets of bankrupt Eclipse Aviation.

On Sept. 10, 2009, the three companies composing kit airplane manufacturer Epic Air filed for Chapter 11 bankruptcy, leaving a dozen partially built Epic LT single-engine turboprops trapped in Epic’s Bend, Ore. facility. The move, followed on October 16 by a Chapter 7 (liquidation) filing, signaled the end of the fanciful dreams of company chairman and CEO Rick Schrameck, who has not been heard from since.

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