German manufacturer Flight Design has new owners after the liquidators sold the company and assets this week.
LIFT Air GmbH bought the EASA design organisation, Ukraine factory and design rights for all Flight Design products. LIFT Air's parent company already owns the gyrocopter manufacturer Rotorvox, and will combine both companies at Kindel Airport near Eisenach, Germany.
“We are delighted to be able to take over all of Flight Design’s assets and are confident we will soon be back as a world leader in the development and construction of light aircraft,” said Sven Lindig, Managing Director of parent LIFT Holding and LIFT Air GmbH.
Flight Design’s management filed an application for receivership in mid-February 2016, after an international customer failed to settled a seven-digit claim. This led to a liquidity squeeze in the company, forcing management to seek bridging finance until the money was paid. They were not successful in doing so, and receivership proceedings started in April last year.
The receivers managed to keep the company going to maintain licences and approvals by negotiating payment schedules with customers.
Flight Design manufactures and markets a range of composite and metal recreational and light sport aircraft. It also has a four-seat C4 general aviation aeroplane under development.