Clearwater, Fla.-based Piaggio Avanti fractional provider Avantair shut down today and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing. The company also received notice on Monday of a customer class-action lawsuit and is in breach of a lease agreement for its six core airplanes, with their repossession by lessors a possibility.
"Today, Avantair conducted a furlough of its employees as it addresses liquidity issues. It has requested that several specialized employees remain with the company voluntarily as it pursues alternative financing arrangements," it said in a statement provided to AIN. "The company regrets having to enter into this process and for the inconvenience this brings to Avantair’s owners and card holders but believes it to be the most prudent action at this time. It is hopeful that it will soon be in a position to resume operations."
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