VisionAire has been forced back into involuntary Chapter 7 bankruptcy following its failed bid to secure funding from a Europe-based investment syndicate. The Chesterfield, Missouri-based company says it was required by a US federal court to seal $1.2 million initial financing and provide evidence that it could secure the remaining $120 million investment needed to restructure and fund the remainder of the single-engined Vantage business jet programme. VisionAire had been operating under Chapter 11 bankruptcy since September after five creditors filed a petition for Chapter 7. A trustee has been appointed by the court to sell VisionAire's assets, including the intellectual property rights for the six-seat Vantage. Customers whose deposits are held in escrow will get their money back, says VisionAire.
Source: Flight International