The management of Wyvern Aviation Consulting is planning a buy-out after the collapse of its parent company, on-line charter reservation provider FlightTime.com.
FlightTime.com filed for Chapter 7 dissolution late last month in Boston, Massachusetts. Administrators have been appointed to dispose of its assets. The Boston-based company had offered conventional charter broking services since 1985, operating as Flight Time Corporation, but expanded into the on-line market in 2000. Initially serving customers in the USA, the concept was later introduced into Europe and the company had aggressive expansion plans for Asia and the Middle East. The on-line service market became increasingly crowded in 2000-01, with competitors including Bombardier's Skyjet, Skyzip, E-jets and Ebizjets.
FlightTime.com also operated a corporate shuttle programme, which included flying an Airbus A320-200 on behalf of Proctor & Gamble between Cincinnati, Ohio, and Brussels, Belgium. That contract terminated early last year and the company's corporate shuttle business was hit by the economic downturn. FlightTime.com also had a partnership with Airbus to place corporate variants of its aircraft with international corporations. It linked with PrivatAir of Switzerland to promote its services.
International safety auditor Wyvern, which evaluates corporate service providers including flight departments, brokers and aircraft operators, was acquired by Flight Time.com in 2000.
Walt Lamon, Wyvern president, says Wyvern had been established as an independent subsidiary and is immune from FlightTime.com's bankruptcy procedures. He says it had been clear before the bankruptcy that aviation consultancy was not core to FlightTime.com's business and that negotiations concerning a buy-out were under way.
Source: Flight International
