Composite Helicopters NZ appears to have gone into liquidation

[lelebebbel]

As just reported by HeliOps magazine:

Composite Helicopter Manufacturing Liquidation (http://www.graysonline.co.nz/sale/495924/boats-marine-aircraft/composite-helicopter-manufacturing-liquidation?spr=true)


Shame. It would seem the incidents they had with their prototypes proved to be too expensive.

[krypton_john]

Shame, I had high hopes for them.

Composite Helicopter Manufacturing Liquidation (http://www.graysonline.co.nz/sale/495924/boats-marine-aircraft/composite-helicopter-manufacturing-liquidation?spr=true)

I also think the imminent arrival of the B 505 would scare off any potential investors.

[KiwiNedNZ]

Just got off the phone with the receiver and seems like they have liquidated the NZ part of the business, taken back all the computers and other important stuff and will still try and certify it in the USA. They left behind the first two prototypes but the other 4/5 completed ones have been shipped to the USA already.

The USA part of the business is apparently going to push forward with it.

[krypton_john]

Ah, the old liquidate and buy back the intellectual property for a nickel trick?

The first thing I noticed was that there were no engines in the auction.

[KiwiNedNZ]

Actually they already had the intellectual stuff - its on the computers that they have already taken back to the USA and which were owned by the American Half of the company. Its only the NZ half that they are liquidating.

[krypton_john]

I guess it depends on whether the NZ part was left owing people money or not?

[rotorfan]

Saw them at OSH two (or was it three?) years ago and looked over the aircraft thoroughly. Seemed like they had a good concept and I wished them success. Tis a shame...