LISA Airplanes goes into receivership

France-based LISA Airplanes, which is developing the composites-intensive AKOYA airplane, has entered receivership but still expects to finish manufacturing the plane and bring it to market.

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LISA Airplanes (Le Bourget du Lac, France) reported on Aug. 16 that the Commercial Court of Chambery has accepted the request from LISA Airplanes’ founders to place the company in receivership. LISA Airplanes was founded in 2004 with the goal to design and market AKOYA, a revolutionary composites-intensive aircraft.

To reach this goal, LISA Airplanes was financed from 2005 on up to 80 percent by private funds. In July, LISA Airplanes was finalizing a fundraising bound to the commercial development of the company. The terms of negotiation anticipated progressive and long-term financing. As the selected investors were not able to fulfill their commitment, and the historical shareholders could not secure LISA Airplanes’ financial plan, the founders decided to place the company into receivership on July 30 in order to protect its future.

This situation has no impact on LISA's clients’ deposits, all of them being under a bank warranty. A six-month phase of observation has been granted by the Commercial Court of Chambery. During this period of transition, the team supports the managers to ensure a fast resumption of activity. 

With the coming financing plan, LISA Airplanes and its partners say they will be able to launch the AKOYA worldwide. The AKOYA is a two-seater amphibious airplane with a unique design and a wealth of features. From ground, water or snow, the AKOYA has a range of 1,250 miles/2000 km and maximum speed of 135 knots/250kmh. Its wings can be folded to be parked in a garage.