AOPA says it has learned at least two groups are vying for the assets of Symphony Aircraft. In a release on Friday, AOPA said a French Canadian group and a group of U.S. investors are both hoping to carry on production of the two-place composite aircraft. AVweb contacted the office of the bankruptcy trustee in Trois Rivieres but he was away from his office. According to AOPA, neither former CEO Paul Costanzo nor the still-unnamed “lead investor” whose withdrawal from the operation led to the bankruptcy are involved with either of the investment groups. More details on the bids are expected after a meeting of the creditors on Feb. 24. Symphony was declared bankrupt in late January, about eight months after entering creditor protection. According to a letter sent to owners by Costanzo, the company went under after the lead investor refused to accept a refinancing plan. Anyone with deposits on aircraft will almost certainly lose them unless the company is resurrected and the new owners honor them. Liberty Aerospace has offered to honor deposits up to $10,000 by Symphony customers toward the purchase of one of their two-place touring aircraft.
Symphony Suitors Line Up
Key Takeaways:
- Two groups, one French Canadian and one U.S. investors, are vying for the assets of the bankrupt Symphony Aircraft with hopes of continuing production of its two-place composite aircraft.
- Neither the former CEO, Paul Costanzo, nor the unnamed lead investor whose withdrawal led to the bankruptcy, are involved with the prospective investment groups.
- Customers with deposits on Symphony aircraft will likely lose them, though Liberty Aerospace is offering to honor up to $10,000 towards the purchase of one of their touring aircraft.
- More details regarding the bids are expected following a creditors' meeting scheduled for February 24th.
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