VTOL Aircraft Maker Morgan Files for Bankruptcy | Aviation International News

VTOL Aircraft Maker Morgan Files for Bankruptcy

The company had plans to build a VTOL business aircraft and drones. Neither materialized.

By Mark Huber • Contributor

December 29, 2015

A decade after its founding, vertical takeoff and landing (VTOL) aircraft manufacturer Morgan has filed for bankruptcy. Morgan Aircraft initially planned to build a VTOL business aircraft that incorporated four ducted fans into the inboard sections of the wings of a twin pusher turboprop and later went on to form alliances with other companies to build drones. Company founder Brian Morgan announced plans in 2011 to invest up to $105 million in Sheboygan County, Wis., and create 340 new jobs there, part of an agreement to obtain a $686,000 Wisconsin Economic Development Corporation government loan. At one point the company said it planned to create as many as 2,000 new jobs. Sheboygan County spent more than $190,000 on airport improvements in anticipation of Morgan's expansion there. But in the end, Morgan's only assets were its patents, which will now be sold to satisfy the company's various private and public debts.

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