11.01.2007: Successful recapitalization
In the end of September 2007, Lange Faserverbundtechnik GmbH, as a part of an asset deal based recapitalization, bought all tangible and intangible assets of Lange Flugzeugbau GmbH. The company will, with co-operation from all knowledge bearers, continue the production of the Antares product range at the existing, highly modern production facilities in Zweibrücken.
During the asset deal based recapitalization, the insolvency administrator liquidated all assets of Lange Flugzeugbau GmbH, and sold them to Lange Faserverbundtechnik GmbH. The capital which was raised in this way will be used to settle with the creditors of Lange Flugzeugbau GmbH. In addition, Lange Faserverbundtechnik, on a voluntary basis, offers an extremely generous transfer arrangement to all customers who, towards Lange Flugzeugbau GmbH, have made advance payments on an aircraft. The initial customer reactions have been highly positive.
The availability of forward looking technologies and the proven product success of the Antares product range made the capitalization of Lange Faserverbundtechnik GmbH relatively easy. As a result, the company now stands on a solid financial foundation.
Lange Faserverbundtechnik will in the near future sign an agreement of co-operation with Schempp-Hirth Flugzeugbau GmbH. The co-operation will focus on purchasing, production and development. Both companies expect to gain significant advantages from synergy effects and a strengthened purchasing power.
Due its strong international alignment (more than 65% of all aircraft are exported), Lange Faserverbundtechnik will in the near future be renamed to Lange Aviation GmbH.
The background:
At 07.25.2007 Lange Flugzeugbau GmbH had to declare insolvency. The insolvency proceedings were opened at 09.30.2007.
The main reasons for the insolvency were two longer lasting production stoppages. These can mainly be attributed to the delivery of faulty electronic parts and to extreme delays in the delivery of critical electronic assemblies.
In 2007 the second production stoppage had burdened the financial possibilities of the company so much that an insolvency could no longer be avoided.
In reaction to the faulty electronic components, the electrical system of the Antares 20E was revised, removing the these components completely from the system. In the course of this revision, the total system could be significantly simplified and the already very high reliability could be increased even further.
The problem of electronic components not being available on the world market will in the future be countered by building up a comprehensive in-house inventory of critical components. This is already taking place with some components, of which enough are stocked for several years of production. This is a strategy which is used by Airbus and a number of other large companies in the aviation industry.
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