NOTE: TAYLORCRAFT FILES BANKRUPTCY
Taylorcraft Aviation of Brownsville, Texas, filed Chapter 11 bankruptcy proceedings on Friday, October 13, 2007. The case, No. 06-10676, was filed in US Bankruptcy Court Southern District of Texas. Chapter 11 proceedings allow businesses to reorganize, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees. However, the city of Brownsville, from whom Taylorcraft rents its facilities, has begun eviction proceedings. Taylorcraft Aviation earned special light-sport aircraft (S-LSA) approval for its Taylor Sport in early 2006.