A consortium of pilots and owners has taken over Mooney International after taking an 80% stake in the company formerly owned and controlled by Chinese interests.
New CEO Jonny Pollack made the announcement this week after months of speculation that the struggling aircraft manufacturer would close its doors again.
"There is new management at Mooney and its made up entirely of pilots and Mooney owners giving the company a unique and valuable perspective going forward," Pollack said.
"You can expect to see some changes at Mooney which we believe are long overdue. Plan to witness a new culture and approach which is reflective of the new ownership's love of aviation, flying and Mooney aircraft."
Pollack said that the company would now prioritise rebuilding the relationship with the Mooney community including owners, sales agents and maintenance companies.
"It is our goal to do right by you and rebuild your trust in Mooney," Pollack added. "In fact, our number one priority is to build a customer support infrastructure that can capably reward your loyalty."
The company will now focus on ensuring a flow of spare parts to maintenance companies as well as tackling some improvements to the M20 Ovation and Acclaim such as a G1000 upgrade, autoland, ballistic parachute option and a larger cabin.
A retrofit carbon cowl that will enable an increase in useful load for the Ovation is also being developed.
Mooney initially ceased making new aeroplanes in 2008, but was revived by new Chinese owners in 2013, with manufacturing established in Kerrville. The first aircraft under the new ownership rolled out in 2014, but the journey since has been dogged by financial woes.
In November last year, Mooney International was forced to shut down production as sales for aircraft flagged. It was the second shut down under Chinese ownership, with the company also closing temporarily in 2017.