OurPLANE In Bankruptcy
OurPLANE, one of the pioneer companies in fractional ownership of GA and very light jet aircraft, filed for bankruptcy last week, the victim, it said, of the poor economy. In an e-mail to one of the last participants in the once-ambitious program, company CEO Graham Casson said the company tried to make a go of it but couldn't continue. "It is a sad end to a very difficult three years since Eclipse filed bankruptcy and the recession eradicated our business," Casson said. "We did all we could to survive, but ultimately did not make it."
When it was formed about seven years ago, OurPLANE first offered fractional deals on Cirrus SR22s, but its ultimate business plan was to manage a fleet of Eclipse 500s. When air taxi operator DayJet collapsed in 2008, OurPLANE tried to buy 28 EA 500s that were returned to Eclipse. The deal didn't go through and the aircraft eventually became the property of Eclipse Aerospace, which bought Eclipse's assets in August of 2009.