flybuyer Takes Flight | General Aviation Files For Bankruptcy

The first ever flybuyer newsletter kicks off with a bang, coming on the heels of two major aircraft manufacturers filing for bankruptcy and aircraft prices soaring to unprecedented levels. But there’s never been a better time to get into aviation, right?

In today’s email:

• Icon Aircraft Files for Chapter 11 Bankruptcy Protection

• Vans Aircraft Files for Chapter 11 Bankruptcy Reorganization

• You’re Missing Out: SUN n’ FUN 2024 is happening now

• Around the skies: Gulfstream G700, FAA investigation, Red Bull + the solar eclipse, flying cars, Gen Z pilot bought an aircraft company, influencers doing what influencers do best.

• Aircraft For Sale: My Top Picks

THE BUSINESS OF AVIATION

BANKRUPTCY BASICS

What even is Chapter 11? In a nutshell, Chapter 11 bankruptcy (typically used by businesses), allows for reorganization of debts while the company continues to operate. You can read what all about it here, though I recommend playing some heavy metal in the background to lighten the mood.

ICON FILES FOR CHAPTER 11 PROTECTION

On April 4th, Light Sport enthusiasts all around the world gasped when Icon Aircraft announced it has “commenced a strategic restructuring process by filing for Chapter 11 protection.” Icon, known for it’s eye-catching design of the A5, enables influencers and C-Suite Board Execs alike to dip their toes in the water by Living the Icon Life. The company also stated that it intends to pursue a sale of it’s business, while “continuing to support its customers and operations during the Chapter 11 process.”

Perhaps this will be a good time for simpler and cheaper LSA options to fill the void, such as Aero Adventures. Or maybe it’s just easier to take the shuttle car from the FBO to the beach and rent a jet ski if you want to go play on the water…

VAN’S FILES FOR CHAPTER 11 REORGANIZATION

On December 4th, Van’s Aircraft also filed for Chapter 11 bankruptcy, err “reorganization.” The company has been very open about it’s recent struggles with supply chain challenges, corrosion on quick build kits and other issues arising internally, which seems to have led to some serious cashflow problems. Founder Dick VanGrunsven released a seven minute video message on the company’s YouTube channel explaining the news. But for all you keyboard warriors out there - the comments are turned off, so there’s little opportunity to make your gripes public.

But fear not, there’s a plan for Van’s! “Van’s will continue to operate, under court supervision in the normal course of business, building and selling airplane kits. The formal plan of reorganization will be circulated to Van’s unsecured creditors for a vote. After the vote, the court is asked to approve the plan. Once the plan is approved, Van’s will emerge from bankruptcy. After emerging from bankruptcy, Van’s will pay down its debt to pre-petition creditors according to the approved plan.”

AIRSHOWS

SUN n’ FUN Turns 50

It’s not too late to buy your tickets for SUN n’ FUN 2024! The airshow kicks off today and runs through April 14th. It will be a week packed full of anything and [mostly] everything that flies, plenty of nighttime drinking and the coolest firework show you’ll ever see.

I can speak from personal experience that the airshow has way too much sun (seriously, don’t forget to bring your sunscreen), but is a lot of fun - just not too much fun. In their own words: “Skateboards, Motorized Skateboards (Go-Peds), One-Wheels, In-line skates or “Razor” type scooters are NOT ALLOWED to be used or ridden ANYWHERE on the Sun ‘n Fun grounds!” You’re just gonna have to walk about 23,000 steps each day to see all the pretty airplanes… so deal with it.

In other good news, a Lakeland, FL native, who is now a U.S. Air Force Major will be flying in the airshow this week in a KC-135 Stratotanker. I will hold back my comments on [ch]Air Force Pilots vs. Naval Aviators for the moment and simply say “I’m glad we’re on the same team, brother!”

SNIPPETS

Gulfstream G700 Gets FAA Certified. The only thing more dramatic than this business jet’s performance is this video in which Gulfstream announced the FAA certification. What does this mean for you? Probably absolutely nothing. Unless of course you’re in the market for an ultra-long range, large cabin business jet - in which case please send me an email: [email protected].

FAA is investigating a near miss between a Southwest Airlines flight and the LaGuardia control tower. But the real news is how NBC nailed this story with a compelling interview: "I'm really glad nothing bad happened” says one passenger. 🤦🏻‍♂️

Red Bull Pilots Kevin Coleman and Pete McLeod teamed up with two photographers on April 8th to capture once-in-a-lifetime images during the longest and most visible eclipse in the U.S. during the last 100 years.

Flying AirCar, made by the Slovak company Klein Vision, has been licensed to a Chinese manufacturer for an undisclosed sum and use in a "specific geographical region" of China. However, we are zero steps closer to seeing an actual flying car on the streets of Europe. But I guess the Chinese do watch MrBeast’s YouTube videos after all…

Bearhawk Aircraft was recently acquired by a 25 year-old missionary pilot, who was the first builder of the Bearhawk Five. Virgil Irwin plans to expand the operation with a builder-assist program based in Fairview, Oklahoma and said “We want to reassure customers that all current orders will be honored and we will continue to provide you the same great airplanes.” Although this announcement was made public a few weeks back, my ultimate dream plane is a Bearhawk 4-place and this news was too exciting not to share!

Pilot Humor: Trust, but verify.

AIRCRAFT FOR SALE

MY TOP PICKS

This 1973 Rockwell Commander 112 might be the best you can expect these days for an airworthy aircraft with a straightforward mission. This one is very clean, has been hangared and has a basic six pack + Skynav GPS to get you where you need to go.

• Asking Price: $74,000

• Location: Hillsboro, OR

This almost new 2023 Diamond DA40 NG is still under warranty until March 2025 and is available for immediate delivery. Some of it’s features include Synthetic Vision Technology, A/C, Autopilot, Electric Pedals and a G1000 NXi Flight Deck. Get your checkbook ready, because with only 120 hours TT, this beauty won’t last long!

• Asking Price: $650,000

• Location: Morrisville, NC

This 2009 Maule MX-7-180C might just be the best looking plane in this week’s lineup, but I also could be a little biased. This backcountry machine is the Maule Factory Demonstrator and is very much “like new,” but without the price tag [insert inflation joke here]. If you want to live out your backcountry dreams, but prefer a yoke and a certified aircraft to do it in, then this could be the one for you.

• Asking Price: $239,000

• Location: Tampa, FL

This 2001 Piper Meridian M500 could be your next airplane and is conveniently priced under one million dollars. Piper introduced the M700 Fury earlier this year, making the M600s and M500s that much more attainable. This particular Meridian has a recent paint job and updated avionics and really is a great value for an owner/operating looking to get into a turbine aircraft without the multi-million dollar price tag.

• Asking Price: $949,000

• Location: Kearny, NE

This 2004 Cessna Citation X seems like the perfect blend of luxury that meets practicality. The Citation lineup has long been recognized as one of the fastest midsize jets on the market and this beauty could be yours for monthly payments as low as $27,500!

• Asking Price: $4.3 Million

• Location: Sumter, SC

This 1943 Supermarine Spitfire is every several WWII lover’s dream plane. This baby is equipped with a Rolls Royce Merlin 66 liquid-cooled V-12 piston engine, has 90% original parts and even has one documented “kill.” Also, it has only flown 21 hours since a complete restoration was finished in 2021. And yes, that’s a real photo of the fighter that’s actually for sale.

• Asking Price: £3,750,000 ($4,739,250)

• Location: Sywell, UK

Tell Your Friends - Don’t Keep flybuyer a Secret!

Need to Sell Your Plane / Looking for an Aircraft? 

I’m the founder of Royal Aviation Group, a veteran-owned aircraft brokerage that specializes in social media and video content to get airplanes sold. Send me an email at [email protected] if you’d like to chat.