A US bankruptcy court has approved a bid by AeroMechancial Services (AMA) to acquire assets of Wingspeed for $250,000.
Concord, Massachusetts-based Wingspeed developed and marketed products and services for commercial aviation that deliver voice, data and aircraft messaging over Iridium and the Internet as well as paperless cockpit technologies using wireless data exchange and satellite communications.
The privately-held corporation was placed into Chapter 7 liquidation on 17 August of this year.
Approved by the US Bankruptcy Court for the District of Massachusetts, AMA's Wingspeed asset purchase includes "all physical assets, inventory, intellectual property, trademarks, other tangible and intangible assets", says the firm. The acquisition also includes certain supplier contracts and customer contracts.
The court had previously appointed AMA as manager for the Chapter 7 bankruptcy trustee until the sale closes.
AMA president Richard Hayden says the company looks forward to expanding its offerings with the Wingspeed acquisition. Under the circumstances, however, AMA has "more work to do, including closing the acquisition, before we have a final plan for integration of Wingspeed products into AMA's portfolio", he says.
The sale is expected to close by 26 October.
Source: Air Transport Intelligence news
