The bankruptcy consultant helping Van’s Aircraft says he’s confident the company will emerge from Chapter 11 and resume profitability. Clyde Hamstreet, of Hamstreet and Associates, said in a video update hosted by Van’s that almost 85% of customers with deposits on kits and parts stuck with the company after its bombshell announcement late last year that it was seeking Chapter 11 protection. “That’s [very much] appreciated and makes a big difference to the success of the company,” he said. “We’ve got a backlog of business now that we know … can be profitable and will allow us to repay our pre-petition obligations so I’m pleased with it.”
Hamstreet said the reorganization plan has been filed with the court and is now under review. It’s expected to be approved in mid-May. Hamstreet said the strong support of customers and vendors, along with the millions of dollars in cash that founder Dick VanGrunsven and his family loaned the company to keep it afloat, all helped ensure a “good outcome” for creditors and a positive future for Van’s. “There’s a lot of things coming together … and it really gets pretty exciting knowing what’s coming and what the opportunity is.”
