Posted on February 28th, 2019
Clearwater, Florida based Piaggio Avanti fractional provider Avantair shut down and furloughed employees as it “seeks alternative financing arrangements that it hopes will enable it to resume operations as quickly and efficiently as possible,” according to a June 26 8-K SEC filing. The company also received notice on Monday of a customer class-action lawsuit and is…
Posted on January 29th, 2019
Palm Beach, Fla.-based Piaggio America–the North American representative for Piaggio Aero, the Italian company that manufactures the Avanti twin turboprop–will create an “OEM-trained team with the support of additional specialists furnished from Italy” to offer restoration services to fractional share owners of Avantis grounded by the bankruptcy of Avantair, Piaggio America president and CEO John…
Posted on January 23rd, 2019
Clearwater Fla.-based Avantair’s assets will be sold off and the company liquidated after it failed to meet a deadline last week to contest an involuntary Chapter 7 filing in the Florida Middle District U.S. Bankruptcy Court in Tampa. Judge Catherine McEwen signed an order on Friday converting the case to full Chapter 7 status and…
Posted on January 10th, 2019
On Wednesday, Avantair, provider of Piaggio Avanti fractional ownership, sent its “go-forward strategy” for “NewCo,” the working name for a reborn Avantair, that would initially seek to “restructure and support the company” as a mostly East Coast-only fractional company. Under the strategy, the business’s financial obligations would be cleaned out, though the strategy does not specify…
Posted on January 9th, 2019
While the two “voluntary” groundings over the past year at Clearwater, Fla.-based Avantair eventually led to its recent downfall, the fractional provider had a long history of maintenance-related issues, according to FAA files obtained this week by AIN under a Freedom of Information Act request. In fact, one such action from June 4, 2008, involves…
Posted on January 6th, 2019
The trustee overseeing Avantair’s involuntary bankruptcy is seeking a halt to a class-action lawsuit brought against the company on behalf of former employees alleging Fair Labor Standards Act violations for failure to pay for work performed or provide proper termination notification. Avantair has been using payments from an insurance policy it purchased for protection against…
Posted on December 2nd, 2018
The assets of bankrupt fractional provider Avantair will be auctioned off next month at a warehouse about a mile from the company’s former headquarters at St. Petersburg-Clearwater International Airport in Florida. According to court documents, the auction is being held off-site from its headquarters to address airport security concerns, especially since the building is adjacent…
