70-Year-Old New Zealand Planemaker Is Insolvent

A 70-year-old New Zealand planemaker has had its Civil Aviation Authority (CAA) certificates suspended after declaring it’s now insolvent, Australian Aviation reported. Pacific Aerospace, which employs 100 people in Hamilton on the North Island, manufactures aircraft popular for skydiving and the aerial application of fertiliser. Significantly, the CAA said last week that its aircraft would be able to fly despite what it called the business’ “financial distress.” CAA deputy chief executive aviation safety Dean Winter said, “The CAA was informed on Wednesday [10 February] about PAL’s financial status and since then we’ve been working through what the implications are for PAL aircraft operating in New Zealand and around the world." Pacific Aerospace has produced more than 600 aircraft and its history dates back to WWII when a facility was established at Hamilton Airport by the US military, which has since evolved from maintenance to modification to aircraft kit, design and manufacture. Read more.