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Post by madmac on Mar 20, 2021 11:49:48 GMT 12
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Post by Deleted on Mar 26, 2021 14:44:29 GMT 12
Time's running out, folks: "All expressions of interests/offers must be in by 5:00pm on 26 March 2021." |
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Post by Dave Homewood on Apr 15, 2021 14:12:39 GMT 12
Plane maker Pacific Aerospace owes creditors at least $43m, liquidators sayJohn Anthony 12:29, Apr 15 2021  Pacific Aerospace aircraft are a familiar sight in New Zealand’s skies, popular for agricultural uses such as top dressing, and a staple of skydiving operators.Insolvent Hamilton aircraft maker Pacific Aerospace has debts of $41 million, a first liquidators’ report says. Liquidators are trying to sell the Hamilton plane manufacturing business after its shareholders weren't initially prepared to put any more money into it. So far 30 parties have expressed interest in buying it, both local and international, the report said. In February Pacific Aerospace (PAL) had its Civil Aviation Authority (CAA) certificates suspended because it was insolvent and unable to meet its obligations under the Civil Aviation Act. But the CAA said aircraft produced by Pacific Aerospace would be able to continue flying despite the company’s financial situation. The company was placed into interim liquidation by the High Court on February 12 with Steven Khov and Kieran Jones appointed as liquidators. A first liquidators’ report published on Wednesday said when liquidators were appointed on March 8, the company had $37,641 in the bank. The company owed secured creditors $1.7m and unsecured creditors about $41.21m, the report said. It is yet to be determined what the total deficit of the company was. The company is half owned by Chinese-owned BAIC International (Hong Kong) and half owned by New Zealand shareholders of Pacific Aerospace Group. The report said the company had operated for more 70 years as an aircraft design, manufacturing and maintenance business and employed 93 staff. Aircraft supplied by the company are commonly known in the aviation industry as a “PAC” aircraft. As the company were the manufacturers of the PAC aircraft, they were also the only supplier of certified replacement parts to any PAC aircraft, the report said. The company’s inability to pay wages resulted in its workforce being sent home on February 10 pending further funding becoming available, it said. The shareholders later engaged with the liquidators in relation to a proposed recapitalisation of the business with a view to terminating the liquidation of the company, the report said. “Unfortunately, no satisfactory progress has been made in this regard as at the time of this report.” The company’s assets at the date of liquidation were aircraft, buildings, plant and equipment, inventory, vehicles, intangible assets, debtors and cash. “Due to the ongoing sale process which is yet to be completed, the liquidators have elected to withhold the estimated asset values for the company’s assets.” It was too early to comment on any recoveries and the likelihood of a distribution of funds to creditors at this stage, the report said. The report said due to the interest from parties based overseas the liquidators had been navigating issues with the CAA and Overseas Investment Office (OIO) requirements. Further information regarding the sale process and interested parties was commercially sensitive and not disclosed, it said. www.stuff.co.nz/business/industries/124846624/plane-maker-pacific-aerospace-owes-creditors-at-least-43m-liquidators-say
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Post by Dave Homewood on Apr 27, 2021 19:30:51 GMT 12
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Post by l29 on Apr 27, 2021 20:18:53 GMT 12
Hopefully completely NZ owned.... |
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Post by pepe on Apr 28, 2021 20:29:19 GMT 12
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Post by delticman on Apr 28, 2021 22:36:54 GMT 12
The assets of insolvent iconic planemaker Pacific Aerospace have been sold to two North Island business people with a strong interest in aviation, the New Zealand Herald reports.
Neil Young and Dee Bond, owners of the Mercer airfield and Mercer businesses, the Tuakau Hotel, and other properties confirmed to the Herald they were the purchasers of the Hamilton-based light aircraft designer and manufacturer which was put into liquidation in March.
Young said they wanted to "wait until the dust settles" to discuss the operation's future.
Pacific Aerospace employed 93 people, many highly skilled veterans of the aircraft exporter when it was put into liquidation.
Business commentator Rod Oram joined Andrew Dickens to discuss the deal and why it's a big deal the company has been sold.
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Post by Deleted on Apr 28, 2021 23:41:10 GMT 12
Some good and very welcome news. Bravo Dee and Neil.
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Post by madmac on Apr 29, 2021 7:48:14 GMT 12
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Post by kiwined on Apr 29, 2021 9:40:20 GMT 12
"Hmm ones got to ask do the new owners have any exposure to a proper manufacturing environment (AKA not a job shop which is what Oceania tends to be)."
Really ??. Pacific Aerospace was previously run by one of the Camp brothers and Oceania used to own Pacific Aerospace before they sold it - so by my reckoning I am pretty sure they would have some idea.
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Post by madmac on Apr 29, 2021 12:51:18 GMT 12
So then why did they sell it in the first place?
That they managed it means what exactly (assuming the new CEO is one of the Camp brothers), it hasn't been a stellar performer for a very long time. There is a large gap in-between know how the system works and getting the best out of it. Something about a new broom comes to mind.
With regard to Rod Oram comments
This notion that Part 148 manufacturing is hard is BS, its little more than enforced and audited best practice (particularity if you don't go out of your way to scrap with CAA). I have had conversions with a couple of local manufactures (trailers & caravans) where they were creating independently creating elements of what is recognisable 146/148 procedures because they were having product quality issues.
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Post by Dave Homewood on Apr 29, 2021 14:08:18 GMT 12
Let's just see what happens, shall we? I for one wish the new owners Dee and Neil well.
PAC is an important company around here, a lot of their staff live in Cambridge, and I wish them all well.
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Post by planewriting on Apr 29, 2021 18:08:00 GMT 12
Let's just see what happens, shall we? I for one wish the new owners Dee and Neil well. PAC is an important company around here, a lot of their staff live in Cambridge, and I wish them all well. I couldn't agree more. Let's all take a step back and observe what happens. Time will tell. |
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Post by kiwined on Apr 30, 2021 8:14:53 GMT 12
"So then why did they sell it in the first place?"
Because they got offered a good bunch of $$ for it DUH
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avgas
Leading Aircraftman
Posts: 1
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Post by avgas on May 5, 2021 12:36:19 GMT 12
As of 5May former employees have heard nothing from the new owners. Even a no thanks we dont need you would be nice. and a 'Pacific Aerospace Corporation' store has appeared in hamilton central 🤔
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Post by madmac on May 24, 2021 19:13:27 GMT 12
Still no life at the manufacturing plant today, not a single car.
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Post by oj on May 24, 2021 20:12:14 GMT 12
Explain this PAC store in Hamilton Central a bit more please ...
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Post by madmac on May 25, 2021 18:17:30 GMT 12
We quote him and see if he responds As of 5May former employees have heard nothing from the new owners. Even a no thanks we dont need you would be nice. and a 'Pacific Aerospace Corporation' store has appeared in hamilton central 🤔 Any more info on this 'Pacific Aerospace Corporation' store |
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Post by camtech on May 25, 2021 21:13:50 GMT 12
Seems to be an offering for the naming rights of a "hobby" store - no address or business description.
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Post by Peter Lewis on Jun 10, 2021 9:02:52 GMT 12
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