In the last quarter of 2023, pretty much all the homebuilt-aircraft world could talk about was trouble at Van’s Aircraft. The unquestionable leader in kit sales and number of aircraft flying, Van’s confessed to cash flow problems in October and then, in early December, filed for Chapter 11 bankruptcy protection. As Christmas neared, builders who had placed deposits on kits were informed of increased kit costs and provided an option: agree to the increase, on average about 32%, or decline and have their purchase agreements canceled, their deposits likely to be repaid but only over a period of time. As much as five years.
It was an awful place to put your customers. And yet within 24 hours of Van’s notifying the first 500 (out of about 1500) customers with…
