Mooney Aerospace Group Reorganizes
Mooney Aerospace Group (MASG) Ltd.'s reorganization plan was approved in federal bankruptcy court last week, the company said in a news release. As part of the plan, the company will reacquire the stock of Mooney Airplane Company (MAC) from its current owner, Allen Financial Holdings. Existing shareholders will be issued new shares of MASG common stock based on a reverse split of 3,223 old MASG shares for one share of new common stock. CEO J. Nelson Happy said: "We are very pleased to have the bankruptcy proceeding behind us. We now have a fresh start without old financial problems diverting management's attention from our core business, which is making and selling airplanes and thereby enhancing shareholder value." Under the plan, Allen Holdings will receive 50 percent of the reorganized company's stock, creditors will receive 46 percent and stockholders will get the remaining 4 percent, according to the San-Antonio Express-News. MASG is based in Kerrville, Texas, and Mooney Airplane Company is its operating subsidiary. MAC sells five models of the M20 four-place single-engine airplane, now available with the Garmin G-1000 glass panel display.