alioth wrote:
I have to imagine they are simply using their intellectual property assets (patents etc) as collateral to secure the debt, much in the same way you may use a tangible asset like a building as collateral for a debt.
That is exactly what they did. The money is used to provide working capital during the restart and repay another lender that had security over the IP previously. Installations are happening again but it will take some time before they get back to earlier levels.
I have to imagine they are simply using their intellectual property assets (patents etc) as collateral to secure the debt, much in the same way you may use a tangible asset like a building as collateral for a debt.
From US AOPA
The FAA approved an alternative method of compliance (AMOC) in July that eased the restrictions imposed by the airworthiness directives. The AMOC allowed operators to resume flying their Citations pending final resolution of the AD.
Tamarack announced Aug. 9 that the bankruptcy court has authorized $1.95 million in debtor-in-possession financing from a consortium of investors including existing customers, vendors, and other stakeholders.
“In a matter of a few days, these supporters stepped forward enthusiastically to participate in this opportunity,” said Tamarack President Jacob Klinginsmith, in a news release. “They understand our industry and believe in the long-term value of our innovative Active Winglet product. This financing from friendly investors is now the only debt secured by our IP and is an important step in our reorganization, which allows us to continue serving our expanding fleet.”
What exactly is “debt secured by our IP”?
JasonC wrote:
Back in the air.
About time too. Enjoy!
denopa wrote:
So you’re back in the air? Or are there still issues with the Collins avionics?
Back in the air.
Issue with Collins Avionics have been fixed one week after the problem occurs when they issue the new update of GPS constellation.
My aircraft have been affected, we disabled the GPS during a week and pop them back up after the update.
So you’re back in the air? Or are there still issues with the Collins avionics?
FAA has just now granted a global AMOC allowing flight using the same SBs!!!
So EASA has published terminating actions for the EAD which are simply, comply with the earlier SBs. So all in all the whole thing was a complete waste of time and money. FAA expected to follow suit shortly.
So as a manufacturer the only lesson might be that it makes sense to insist for a safety critical SB to become an AD? I understand no manufacturer is keen on publishing an AD but this way the issue can not “pop up” at a later date with unknown consequences.
Peter wrote:
EASA lifts AD
Yes, I think I already mentioned that…
