LIFT HOLDING from Eisenach Germany takes over Flight Design GmbH.
• Knut Rebholz, Flight Design’s receiver, sold the assets of the manufacturer of light aircraft to LIFT Air GmbH from Eisenach / Thuringia following an intensive investor process. Behind this stands the regional entrepreneur Sven Lindig.
• LIFT Air GmbH, a subsidiary of the LIFT Holding, bundles the technical expertise of Flight Design with the already owned Gyrocopter producer Rotorvox at Kindel Airport near Eisenach
• With its Light aircraft, the new investor wants to become one of the world market leaders again, using modern marketing and communication concepts to optimize customer experience
Wildau / Eisenach July 24th 2017 Knut Rebholz, insolvency administrator of Flight Design, a leading manufacturer of light aircraft, sells the assets of the company in receivership to the LIFT Air GmbH of multi-entrepreneur Sven Lindig from Eisenach / Thuringia. LIFT Air GmbH takes over from Flight Design the EASA design organization, the production site in Ukraine as well as the design rights for all Flight Design products. Both parties have agreed to keep the purchase price confidential.
“I am glad that we are able to maintain the know-how of one of the world’s market leaders in the light aircraft sector and to secure it with a well-funded investor,” says insolvency administrator Rebholz.
LIFT Air GmbH belongs to the LIFT Holding, which has already taken over the gyrocopter manufacturer GGC GmbH with the brand Rotorvox. Lindig will combine the expertise of both aviation projects at the Kindel Airport near Eisenach.
“We are delighted to be able to take over all of Flight Design’s assets and are confident we will soon be back as a world leader in the development and construction of light aircraft,” said Sven Lindig, Managing Director of the LIFT Holding and LIFT Air GmbH. The location of the new company is in the modern facilities at the Flugplatz Kindel (EDGE) near Eisenach in the state Thuringia.
“Flight Design was the leader in the development and production of light aircraft until the time of bankruptcy and is still present on the entire world market.
We want to go one step further and achieve this leadership in customer support, “says Lars Joerges, the new Managing Director of Flight Design General Aviation GmbH. “We will surprise our customers with new ideas for the supply of spare parts and build new ways of communication with our existing and potential customers,” says Joerges.
Daniel Günther, Managing Director of Flight Design, is also happy about the new investor. “LIFT Air GmbH is a modern and progressive company. With the acquisition of Flight Design, customers and employees will receive many positive benefits and the company itself will benefit from different synergy effects with other projects, “says Günther.
About the receivership
Flight Design’s management filed an application for receivership in mid-February 2016, after an international customer hadn’t settled a claim in the sevendigit range. This has led to a liquidity squeeze in the company. The management had therefore sought alternative ways of financing to bridge the time until receipt of the outstanding payment. This was not successful.
In the beginning of April, the receivership proceedings were opened by the competent district court in Cottbus.
The prerequisite for the current restructuring success was that insolvency administrator Rebholz succeeded in continuing the business of the company since the application was submitted, thereby sustaining the necessary licenses and approvals. An important step in this direction was to agree with customers on a financing path for the orders which were already placed with Flight Design prior to the application for receivership. The negotiations for this were also very complex, for example, because the customers of Flight Design are represented world-wide and have no experience with the German insolvency regulations.
About Flight Design
According to the company, Flight Design was one of the world market leaders in the production of small light aircraft until the application for insolvency in February 2016. The company develops and produces aircraft in Wildau near Berlin, in Kamenz near Dresden and in Ukraine. The company operates worldwide in 48 markets. By licensing, the aircraft are also manufactured internationally in Taiwan and China. Flight Design had a yearly turnover of approximately 11 million euros and in Germany almost 20 employees – mostly highly qualified engineers and technicians – as well as about 100 employees in Ukraine. Since the founding of the company in 1988 and the establishment of the Ukrainian production plant in 1993, the company has delivered over 1800 aircraft. The operations in Wildau and Kamenz are or are already moved to Eisenach.
About LIFT Holding
LIFT Holding is the parent company of the LINDIG Group, whose headquarters are based in Eisenach, Germany. Earlier this year LIFT Holding acquired Rotorvox – an innovative manufacturer of gyrocopters – also located in the State of Thuringia, Germany. LIFT Holding intends to consolidate the engineering and aircraft delivery of the two subsidiaries at its state-of-the-art facility at the Kindel Airport near Eisenach Germany.
About the receiver
Lawyer Knut Rebholz is a partner of the law firm Moenning, Feser Partner which operates nationwide from 12 locations. Like his colleagues in the law firm, Rebholz has extensive experience in the reorganization and settlement of insolvency proceedings of all sizes.
More information: www.mfp-law.com
Contact for journalists
Press officer of the receiver
Holger Voskuhl Rw konzept GmbH
Mobile: + 49- (0) 170-2101523
Contact LIFT Air GmbH
Am Flugplatz 2
Phone: +49 36920 753011