Loading
CLEARWATER — Avantair Inc.'s stock fell below 3 cents a share Monday even though executives of the charter aircraft business say it will restructure and emerge healthier.
The company (symbol, AAIR; recent price 2.28 cents) began furloughing its 400 to 500 employees last week and announced it faced a class-action lawsuit by fractional owners of its aircraft.
Avantair, which operates out of St. Petersburg-Clearwater International Airport, sells shares in its aircraft to owners who can schedule flights instead of relying on commercial airline service.
The business is behind on payments for the airplanes but said in a June 28 filing with the U.S. Securities and Exchange Commission it expects its lenders and creditors to work with the company to restructure.
“We also believe that with a restructured organization and new business model going forward, Avantair can emerge as a profitable business that is able to provide the highest levels of customer service,” COO Dave Haslett says in a letter to fractional owners filed with the SEC.
Avantair has grounded its fleet twice to review inspection procedures and safety issues.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
