Hundreds of creditors are named in court documents obtained by AVweb relating to the bankruptcy of Silver State Helicopters. The aggressive Las Vegas-based training company, which had 34 locations, closed them all earlier this week, leaving a trail of unpaid bills. We were caught flat footed like everybody else, Robinson Helicopter Vice President Kurt Robinson told AVweb. They had several helicopters on order. Were going to scramble and figure out what to do. Silver State purchased more than 100 Robinson R22 and R44 helicopters from the Torrance, Calif., manufacturer since beginning its flight training operations in 1999. The company closed Sunday afternoon and is blaming external factors for its demise. Company president Jerry Airola did not return phone messages left for him at Silver States headquarters on Tuesday. A prepared statement said the action was the result of a rapid, unprecedented downturn in the U.S. credit markets, which severely curtailed the availability of student loans for the companys flight academy students and resulted in a sharp and sudden downturn in new student enrollment. Airola, a former police officer, became known throughout the industry for using aggressive sales tactics to recruit students to the program, including radio ads that aired in major U.S. markets as recently as two weeks ago.
Silver State Leaves Long List Of Creditors
Key Takeaways:
- Silver State Helicopters, a major flight training company with 34 locations, abruptly shut down due to bankruptcy, impacting hundreds of creditors including Robinson Helicopter.
- The company cited a rapid downturn in U.S. credit markets, which restricted student loan availability and new student enrollment, as the reason for its closure.
- Silver State was previously known for employing aggressive sales tactics to recruit students.
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