Flight Design GmbH, based in Germany, said in a news release it has applied for “a planned receivership which allows for reorganization of the company.” The filing will enable the company to deal with a “liquidity crunch.” The crunch is driven mainly by one international customer that “has not settled a bill of over seven digit Euros” the company said. The contract was for engineering services. An attorney appointed by the court, Knut Rebholz, said the most urgent task is to start negotiations to fund continuing operations.
Source: avwebFlight Design In Germany Facing Receivership