Buyer Steps Up As Epic Air Auction Approaches

Court documents obtained by AVweb show Harlow Aerostructures is seeking to acquire the assets of Epic Air, by March 30, for one-tenth of Epic’s estimated value. Under the purchase agreement, Harlow has agreed to purchase substantially all of Epic’s assets for $2 million, payable in cash on closing. According to the filing, “the Debtor’s bankruptcy schedules value the assets at approximately $20,295,000.” An auction is scheduled for March 26, 2010, at 10:00 a.m. Pacific Time that may preclude the sale to Harlow, but Harlow is seeking approval of the sale if a “higher and better bidder” does not step forward. Epic’s fast prototype-to-production process saw its Epic LT 6-place jetprop arrive at AirVenture Oshkosh in 2004, less than one year after it was announced. The company’s subsequent unveilings quickly created a range of high-profile, high-performance, single- and multi-engine, turbine- and turbofan-powered experimental aircraft. But that course came to an end when, on Oct. 23, 2009, Epic filed under Chapter 7 (liquidation) in a U.S. Bankruptcy Court.

By Glenn Pew, Contributing Editor, Video Editor/Avweb

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