Tag: AvCraft Technical Services

Complaints Filed in AvCraft Bankruptcy

Bankruptcy trustee Michelle Vieira filed adversary proceeding complaints against directors of AvCraft Technical Services recently in bankruptcy court.

Vieira, the Plaintiff, is the court appointed bankruptcy trustee for KNH Aviation Services Inc. d/b/a AvCraft Technical Services in the matter of the Chapter 7 bankruptcy filing of the company, Case #15-01641-dd in U.S. Bankruptcy Court District of South Carolina.

The causes of action include breach of fiduciary duties by the defendants for capitalization of the debtor, sale and lease agreements with Sun Air, removal of equipment and self dealing.

The defendants are former owners and directors of KNH Aviation Services Inc. d/b/a AvCraft Technical Services, Mike Hill, Donald Kamenz, Derek Nice and Carol Drew along with the owner of Sun Air and former AvCraft director Jesper Lundberg and Sun Air of Scandinavia A/S.

KNH Aviation Services was put together by Mike Hill. He originated the company and got Kamenz, Nice and Drew to come in as investors to buy AvCraft Support Services in a foreclosure sale from AvCraft’s principal debtor, Maple Financial of Toronto.

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What Does AvCraft Sale Bring to Horry County?

The recent request by AvCraft Technical Services to Horry County Council for further considerations by the county to help facilitate the sale of AvCraft appears extremely flawed.

According to several industry and county sources, Sun Air Scandinavia is considering the purchase of AvCraft.

According to sources familiar with the AvCraft request, Horry County is being asked to spend a significant amount of money upgrading at least two of the three hangars AvCraft now occupies at Myrtle Beach International Airport.

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AvCraft Sale Considered

Sun Air Scandinavia is considering purchasing AvCraft Technical Services in Myrtle Beach, according to an email received by GSD from an aircraft industry source.

Several Horry County sources confirmed Sun Air and AvCraft officials have met with Horry County Department of Airports staff to discuss the sale.

AvCraft has a long term lease with Horry County for three hangars at Myrtle Beach International Airport. Any sale of the company would require approval by Horry County Council for assumption of the current lease or negotiation of a new lease by the new owner.

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New Incentives for AvCraft?

A recent local media report said Horry County officials are working with officials of AvCraft Technical Services to attempt to structure a new incentives deal for the company.

AvCraft admits it can’t meet the goal of 150 new jobs it agreed to approximately three years ago when it received its current economic development incentive package from Horry County.

And this is not the first time. AvCraft has failed to meet promises. It never produced the 400 jobs it promised when it received its first incentive package from the county in 2004. After new ownership bought the company out of bankruptcy in 2009, it did not produce 50 jobs promised.

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Last Chance for AvCraft

Nearly three years after it signed its latest economic development incentive package with Horry County, AvCraft Technical Services has one last chance to demonstrate its promises are more than hot air.

Sources within county government said AvCraft is currently three months behind in rent payments to the county. Additionally, according to those sources, AvCraft has not begun to make improvements to the fire suppression system and other improvements at the hangars it rents as agreed to in the latest incentive package.

Horry County Council voted Tuesday night to send AvCraft a “Right to Cure” notice that will specify how many days the company has to bring its rent arrearage up to current status or eviction proceedings could begin.

This wouldn’t be so bad if it wasn’t so predictable.

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