The SAGA OF Stoddard-Hamilton Aircraft's Glasair and GlaStar kitplanes has taken a potentially conclusive turn, with a US bankruptcy court judge approving the sale of its assets to a group of private investors.
At a courtroom auction on 5 February, the investors agreed to pay $593,000 for the bankrupt company's assets. The purchase includes design rights to the popular GlaStar two-seat kitplane.
The investor group includes Dace Kirk, owner of Arizona-based Phoenix Composites, a leading kitplane "builder support" centre. Kirk says the group's priority is to restart delivery of parts to owners and builders of the Glasair high-performance kitplane.
Kirk expects the sale to close "on or before 1 April". The as-yet -unnamed company's primary focus will be the Glasair. A decision on whether to keep, sell or licence the GlaStar will be made "within the next few weeks".
Previous efforts to acquire Stoddard-Hamilton's assets had foundered on a dispute over ownership of the GlaStar design rights with the aircraft's original designer, Arlington Advanced Development. "We have bought them outright," says Kirk.
It will be at least six months before the new company resumes Glasair kit deliveries, he says. Restarting GlaStar kit production will require an extra "multi-million dollar" investment.
Source: Flight International
