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Thu, Mar 17, 2005

Aero-News Alert: AvCraft Files For Insolvency

The German manufacturer of the 328-jet program -- AvCraft Aerospace GmbH -- has filed for insolvency. The next step includes the probable shut-down of production for its 30-seater (formerly Dornier) 328-jets, acording to European media reports.

Wolfgang Walter, director of the company is quoted as admitting that "We expect the court to begin the insolvency proceedings within the next few days."

Reporets indicate that the company ran into trouble as a result of the delays in the sale of five of its aircraft to China's Hainan airline Hainan. Avcraft failedto meet payroll last month for its 345 person workforce and is losing hope of obtainig an investor to bail it out.

FMI: www.avcraft.com

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