Sponsor Message:
Civil Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
LET Kunovice Bankrupt  
User currently offlineBrissie_lions From , joined Dec 1969, posts, RR:
Posted (13 years 10 months 4 weeks 1 hour ago) and read 1813 times:

LET Kunovice, the manufacturer of one of the most versatile utility aircraft in the L-410 has been made bankrupt. What good did Ayres Aircraft do? Absolutely bugger all. Here is the report


http://www.thedailydeal.com/features/inthenews/A30822-2000Oct25.html
by James Drake
reporters@thedailydeal.com
PRAGUE - The Czech Republic's largest aircraft maker, Let Kunovice as, was declared bankrupt by a court Tuesday, a ruling that may force the exit of the company's strategic investor, Albany, Ga.-based Ayres Corp.

Bankruptcy administrator Zlatava Davidova set a creditors' meeting for Jan. 8, 2001, to appoint a creditor committee. "The task now is to keep the firm operating and find a new owner to replace Ayres," Davidova said.

Ayers was not available for comment Wednesday.

The petition was filed by Burlington, Wash.-based Pan Pacific Airways, Let staff and state-owned bailout bank Konsolidacni Banka.

Konsolidacni had claimed that Let's strategic partner, Ayres, had defaulted on its promise to bring operating capital to Let.

Pan Pacific filed suit for the return of its deposit on the purchase of five 19-seat L-420 planes, claiming that Let had not been proceeding with construction on schedule.

Most of Let's staff have been on forced leave for the past three months and have not been paid since May.

Let had been gearing up to double its workforce of 1,400 to fill more than $2 billion in orders from Federal Express Corp. and others for Ayers' Loadmaster, a 69-foot cargo plane designed with FedEx.

Ayres was supposed to finance the Loadmaster program with $30 million of its own funds plus $70 million from suppliers, such as Minneapolis-based electronics components and controls manufacturer Honeywell Inc. and Richfield, Ohio-based B.F. Goodrich Co., the world's largest manufacture of airplane landing gear.

Press reports have suggested that BAE Systems plc, formerly British Aerospace, might bid for Let. Officials at Israel Aircraft Industries Ltd. have also said they may be interested in the Czech company.

Let posted a Kcs500 million ($12 million) loss on Kcs672 million in revenues in 1998, the most recent figures available.


2 replies: All unread, jump to last
 
User currently offlineCeilidh From , joined Dec 1969, posts, RR:
Reply 1, posted (13 years 10 months 4 weeks ago) and read 1802 times:

I ordered two Ayres 7000s/Let 610Gs for City Connexion's regional routes at the Dubai Air Show last year - we spent a great deal of time and effort evaluating the aircraft and it would have been perfect for our 'bush' operations; and made sense for us to acquire as we already owned three Let 410UVPs.


Click for large version
Click here for full size photo!

Photo © Neil D Robertson



However, when I visited the factory in Kunowice, I was astonished to find minimal staff and dust lying thick on half completed airframes - it was extremley obvious that nothing had been done for a considerable period of time.

The only work being performed was on various sections destined for the prototype Loadmaster - and even there less than 20 people were busy.

Unfortunately, Fred Ayres was seriously out of his depth and the manager he had put in charge of the operation was completely unsuited to it - a former small town banker from Georgia and a personal friend of Fred Ayres, he had no experience of aviation; manufacturing or indeed business outside the States. He also didn't speak any Czech.

Randall Brink is in the process of putting together a consortium to buy out Ayres' interest - I hope it works as both the Let 420 and 610 are good aircraft.


User currently offline9A-CRO From Croatia, joined Jun 2000, 1574 posts, RR: 8
Reply 2, posted (13 years 10 months 3 weeks 6 days 22 hours ago) and read 1798 times:
AIRLINERS.NET CREW
DATABASE EDITOR

LET 410 is my favourite small aircraft and I hope
that the production will continue,

Click for large version
Click here for full size photo!

Photo © Tomislav Muic



Click for large version
Click here for full size photo!

Photo © Tomislav Muic


there are many LET's in Croatia (compared to other acft in Croatia)
2x North Adria (picture above)
2X Trade Air
Laus Air, Farnair

does anyone know anything about East Air l410 9L-LBW



When once you have tasted flight, you will forever walk the earth with your eyes turned skyward...
Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
One Time DL Plan To Let OH Fly 737s? posted Sat Jun 27 2009 20:17:30 by LHCVG
UA Announces 600 FA's To Be Let Go posted Mon Jun 22 2009 12:24:28 by ItalianFlyer
Let's Wave The Lufthansa Kontschaufel Goodbye posted Tue Jun 16 2009 02:14:21 by LH526
Let's Talk About The Trident posted Wed Apr 1 2009 07:20:24 by Lufthansa
Let's Build The Y1! posted Tue Feb 24 2009 00:00:11 by DocLightning
Let's Build The Y3 posted Sun Feb 22 2009 15:35:41 by DocLightning
Let The Diversions Begin (1/28/2009) posted Wed Jan 28 2009 03:53:13 by BTVB6Flyer
Nordic Airways Bankrupt. posted Sun Jan 25 2009 13:15:12 by Alessandro
Let's Talk About Virgin America posted Mon Jan 5 2009 08:12:22 by Saab2000
Virgin Nigeria Almost Bankrupt? posted Wed Nov 26 2008 07:00:49 by ENU
Cyprus Airways Bankrupt? posted Mon Oct 31 2011 12:26:59 by wilco737
Is Amsterdam Airlines Bankrupt? posted Mon Oct 31 2011 03:55:44 by pspfan
New United Fleet - Let The Speculation Begin posted Sat Oct 2 2010 18:07:24 by GenYBusTrvlr
Let Dreams Fly- Making The Most Of Jetblue Aycj posted Sat Sep 4 2010 16:15:25 by jpetekyxmd80
Michael O'Leary Says 'Let Stewardesses Land Planes' posted Fri Sep 3 2010 15:53:42 by ZuluAlpha
Let's Talk Regional Contracts And Consolidation posted Tue Jul 13 2010 17:20:06 by FlyASAGuy2005
Wings Of Bornholm Is Bankrupt. posted Mon Apr 12 2010 11:04:55 by Tobseren
East Coast Snow - Let The Cancellations Begin posted Fri Dec 18 2009 13:30:26 by Plateman
Air Dominicana: Bankrupt Prior To First Flight posted Tue Sep 29 2009 00:22:22 by Tobias2702
Manx2 LET 410 posted Wed Jul 29 2009 12:30:02 by Tempelhof