Members of VisionAire's former core management team have regrouped to bid for the corporate assets and intellectual property of the dissolved company.
The move comes two weeks after VisionAire was forced back into Chapter 7 liquidation following its failed bid to secure funding by the end of a January deadline (Flight International, 11-17 February).
The group, led by former VisionAire chief executive Jim Rice, is seeking $120 million to restart the Vantage programme and fund development of the single-engined business jet through certification.
"We are scouting for potential sources of funding," says Mark Jones, former vice-president sales and marketing and a member of the management team. Jones adds: "The intellectual property includes the design and development to date of the Vantage programme which is around 60% complete."
Systems including the avionics, engines and the primary structure are completely designed, Jones says. "The completion effort will involve final definition of the supplemental systems, which will then be integrated into the overall design. Once the funding is in place we will aim for certification within 36 months."
The proof-of-concept aircraft is owned by a creditor as financial collateral, but could be leased back to the new owners, Jones says. The availability of the tooling, in the hands of a separate creditor, is unclear, however.
A court-appointed trustee is expected to sell VisionAire's assets at auction, although no date has yet been set. "We are aware that other enquiries have been made to the trustee," Jones says. "They could be potential buyers or interested in the programme for other reasons."
Source: Flight International
