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Mooney winds down as investor talks drag on

written by australianaviation.com.au | November 22, 2010
A Mooney Eagle

Texas based GA manufacturer, Mooney, has laid off all but 10 of its employees as the search for an investor/s to save the company continues.

The company, which had 500 employees in 2008 when lay offs commenced, will further reduce its current workforce of 53 in the next few weeks.

“We are not shutting down,” said Mooney CFO Barry Hodkin in a statement. “However, we cannot continue to subsidise the company at the level we have in the recent past. We have been in discussions with potential investors for more than 18 months and will continue to work with them. If things change then the scope of this layoff could change. We will continue to protect Mooney’s assets both tangible and intangible. Those assets include the facilities and our certificates for production and manufacturing.”

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The company says it intends to continue to provide spares and technical support to existing owners.

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