We reviewed the bankruptcy documents. The proposed sale follows a December 31 bankruptcy filing by Superior – the bankruptcy was filed so that the transaction could take place as an asset purchase and the purchaser could take Superior’s assets free of any debts or liabilities. Court documents state that the proposed purchaser would be Avco. Avco is a wholly owned subsidiary of Textron and is the parent corporation to Lycoming (so Superior would be a sister company to Lycoming, pending other internal changes). The sale must be approved by the Bankruptcy Court (Northern District of Texas).
The proposed asset sale would be for the sum of 11.5 million dollars.
Superior Air Parts, Inc. was founded in 1967 in order to supply the United States Air Force and commercial customers with replacement parts for piston powered aircraft engines. Superior was one of the largest suppliers of PMA parts for piston engines. Superior’s business model focused on supplying parts for Continental engines and Lycoming engines. Superior was also an OEM for the 180-horsepower Vantage Engine and owner-built XM-360 engines for various aircraft companies. In addition, Superior was a distributor of over 2,000 general parts purchased from other manufacturers to compliment its own product line.