dirtstrip
Well-Known Member
The following should be of interest to homebuilders, it certainly was to me. I have a Superior XP 0-360 in my Tundra with two years remaining on warranty. I have about 15hrs on it. Superior has filed for bankruptcy. Yesterday I received formal notice of "Bar date to file proofs of claim" from the bankruptcy attorneys for the company. I will lose the remaining two years of my warranty. Fortunately I did not lose the deposit on an engine, or worse yet to have paid for the engine and not yet received it.
The company has interest by Avco/ Textron to buy it. Hopefully it will remain in business so parts will be available.
dirtstrip
Textron Seeks to Purchase Superior Air Parts out of Bankruptcy
By Jason Dickstein
Aero-News Network reports that Texas-based Superior Air Parts has filed for bankruptcy and is seeking permission for a quick sale of its assets.
We reviewed the bankruptcy documents. The proposed sale follows a December 31 bankruptcy filing by Superior - the bankruptcy was filed so that the transaction could take place as an asset purchase and the purchaser could take Superior’s assets free of any debts or liabilities. Court documents state that the proposed purchaser would be Avco. Avco is a wholly owned subsidiary of Textron and is the parent corporation to Lycoming (so Superior would be a sister company to Lycoming, pending other internal changes). The sale must be approved by the Bankruptcy Court (Northern District of Texas).
The proposed asset sale would be for the sum of 11.5 million dollars.
Superior Air Parts, Inc. was founded in 1967 in order to supply the United States Air Force and commercial customers with replacement parts for piston powered aircraft engines. Superior was one of the largest suppliers of PMA parts for piston engines. Superior’s business model focused on supplying parts for Continental engines and Lycoming engines. Superior was also an OEM for the 180-horsepower Vantage Engine and owner-built XM-360 engines for various aircraft companies. In addition, Superior was a distributor of over 2,000 general parts purchased from other manufacturers to compliment its own product line.
The company has interest by Avco/ Textron to buy it. Hopefully it will remain in business so parts will be available.
dirtstrip
Textron Seeks to Purchase Superior Air Parts out of Bankruptcy
By Jason Dickstein
Aero-News Network reports that Texas-based Superior Air Parts has filed for bankruptcy and is seeking permission for a quick sale of its assets.
We reviewed the bankruptcy documents. The proposed sale follows a December 31 bankruptcy filing by Superior - the bankruptcy was filed so that the transaction could take place as an asset purchase and the purchaser could take Superior’s assets free of any debts or liabilities. Court documents state that the proposed purchaser would be Avco. Avco is a wholly owned subsidiary of Textron and is the parent corporation to Lycoming (so Superior would be a sister company to Lycoming, pending other internal changes). The sale must be approved by the Bankruptcy Court (Northern District of Texas).
The proposed asset sale would be for the sum of 11.5 million dollars.
Superior Air Parts, Inc. was founded in 1967 in order to supply the United States Air Force and commercial customers with replacement parts for piston powered aircraft engines. Superior was one of the largest suppliers of PMA parts for piston engines. Superior’s business model focused on supplying parts for Continental engines and Lycoming engines. Superior was also an OEM for the 180-horsepower Vantage Engine and owner-built XM-360 engines for various aircraft companies. In addition, Superior was a distributor of over 2,000 general parts purchased from other manufacturers to compliment its own product line.
