8 December 2020
German gyroplane manufacturer AutoGyro has filed for preliminary insolvency.
Chief executive Gerry Speich said, “This is the first step, not the last. This is definitely not a declaration of bankruptcy. It is a well-considered step which is part of the comprehensive restructuring strategy.”
AutoGyro has been partially on short-time work in recent months due to the Covid-19 crisis.
“However, the effects of the ongoing pandemic in the key markets of Asia and North America have significantly reduced the company‘s room to manoeuvre,” said a company statement. “In order to remain operationally capable, filing for preliminary insolvency is the logical result.”
AutoGyro factory at Hildesham has been on short-time working this year. Photos: AutoGyro
AutoGyro is optimistic about its long term prospects.
“Since summer of 2019, AutoGyro is the only gyroplane manufacturer in the world to obtain the essentially important U.S. FAA approval in the primary category (PC) for its Cavalon 915iS and MTOsport 2017 915iS models,” continues thje statement.
“This opens up new sales opportunities, especially in the commercial market of the Hildesheim aircraft, and will set global trends for the versatility, reliability and the economic advantages of the gyroplanes made in Germany.
“In addition, the day-to-day business of the 78 employees at the site will continue unchanged, as production is already busy until the end of January and four more aircraft will leave the factory halls at Hildesheim airfield before the end of December.”
AutoGyro has been producing gyroplanes since 2003 and sells and operates them in more than 40 countries.
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