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Fri, Nov 19, 2010

Mooney Aviation Draws Down Yet Again

New Investment Required For Production Re-Start, But Working Down To 10 Staffers For Now

ANN has just finished a call about the unwelcome news that Mooney employees are facing yet another series of layoffs... ultimately leaving few of them on the job. According to company statements, 'More difficult decisions were necessary that will eliminate many of the current positions at the company by year end.'

“We are not shutting down,” said Mooney Chief Financial Officer Barry Hodkin. “However, we cannot continue to subsidize the company at the level we have in the recent past. We have been in discussions with potential investors for more than 18 months and will continue to work with them. If things change then the scope of this layoff could change.”

“We will continue to protect Mooney’s assets both tangible and intangible,” Hodkin said. “Those assets include the facilities and our certificates for production and manufacturing.” In addition, the company intends to continue to provide technical support to existing owners and a level of spare parts support for Mooney airplanes.

Mooney began layoffs in 2008. At that time, the company employed approximately 500 people in the manufacture of its high-performance, single engine aircraft. That year, as the economy worsened Mooney started taking steps to survive the economic downturn. On November 4, 2008, more than 200 employees were furloughed. Smaller reductions in force continued until they reached the current employment level of 53.

Hodkin said negotiations with potential investors continue, but there have been no commitments made to date.

Mooney's Susan Harrison tells ANN that the economy has bruised Mooney horribly and that any attempt to restart production when the economic situation starts to recover will require new investment. Harrison stated that when the current layoffs are completed, some 10 staffers will remain to support current customers and service the extensive Mooney fleet around the world.

FMI: www.mooney.com

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