THE NEW PIPER AIRCRAFT INC
In July 1995, after Piper had stabilised its financial position during four years of Chapter 11 protection, the US Bankruptcy Court approved a new reorganisation plan under which Piper's assets were bought for US$95 million by Newco Pac Inc, a new company jointly owned by Philadelphia-based investment firm Dimeling, Schreiber and Park, Teledyne Continental Motors (which was Piper's largest creditor), and the remaining creditors. Under this ownership, The New Piper Aircraft Inc was established.
During 1999, Piper delivered 329 aircraft, 395 in 2000; 441 in 2001, and 290 in 2002. Workforce 680 in March 2003. Sales revenue totalled US$243 million in 2001, up from US$157 million in 2000.
In July 2003, American Capital Strategies Ltd bought US$57 million of Piper's debt to acquire 94 per cent of the company; the remaining 6 per cent was acquired by affiliates of Exeter Capital Partners, a long-time investor in New Piper.
Kits and parts for classic Pipers are available from other outlets, not necessarily with Piper's approval. These include:
J-3 Cub: Wag-Aero Sport trainer. Replacement fuselages (standard and with additional 10 cm; 4 in cockpit width) from Airframes Inc, Big Lake, Alaska 99652; tel (+1 907) 892 82 44; www.supercubs.com
PA-12 Super Cruiser: Fuselages manufactured by Dakota Air Frame Inc, 1372 Cleveland Avenue, Larchwood, Iowa 51241; tel/fax (+1 712) 477 20 84.
PA-14 Family Cruiser: Wag-Aero Sportsman.
PA-15 Vagabond: Wag-Aero Wag-A-Bond.
PA-18 Super Cub: Fuselages from Airframes Inc (as for J-3 Cub); complete aircraft from Cub Crafters.