Newsgroups: rec.aviation

Sorry about the delay in getting this posted but, well, better late than
never.  While visiting the Piper Owner's Society tent tucked away in the
fly-market at OSH this year, we came across what we at first thought was
a very amusing sign.  [Aside:  It's sorta embarassing as a Piper owner
to compare the participation of this group tucked away in an obscure
corner of the fly-market with the very high profile Cessna Pilots
Association and American Bonanza Society tents in the manufacturer's
display area.]  Anyway...

A hastily hand lettered sign outside the tent read "Piper Manufacturer's
Rep Inside."  "Yea right!"  sez I to my wife as we walk inside and are
stunned to find out that there really and truly was a guy from Piper
there.  Seems he'd been told to go only days before the show began.  His
mission seemed to be to get the word out that Piper was on the way back.
I'm reproducing a copy of the press release he gave me below (as
accurately as my fingers will allow) and then I'll follow with a few
comments.

---------------------------------------------------------------------

FOR IMMEDIATE RELEASE

PIPER AIRCRAFT CORPORATION  
DELIVERS 17 AIRCRAFT IN SECOND QUARTER-
REORGANIZATION PLANNING ON TARGET FOR 
EMERGENCE FROM CHAPTER 11

VERO BEACH, FL., July 31, 1992 -- Piper Aircraft Corporation continues
to deliver aircraft and spare parts while operating under Chapter 11.
Since the filing, Piper has delivered 25 new aircraft and has resumed
back-to-back production.

Models currently being produced include the Cadet, Warrior II, Archer II,
Dakota, Arrow, Saratoga SP, Seneca III, Malibu Mirage and the Cheyenne
IIIA.  By the end of the calendar year, approximately 100 aircraft will
have been delivered since the company entered into Chapter 11 protection
in July of 1991.

Major purchasers of new Piper aircraft include British Aerospace/Ansett
who have purchased nine Seneca III aircraft in August, Piper
Generalvertretung Deutschland who have ordered 32 aircraft of various
types, 12 of which have already been delivered, and many others from the
United States and around the world.

Spare parts sales since July of last year have increased by 60%,
exceeding sixteen million dollars.  The parts on backorder have been
drastically reduced and full production of spares and spare shipments
are increasing on a daily basis.  The company made an operating profit
of approximately $1.3 Million for the last quarter of fiscal 1992 and it
is projected that this trend will continue.

The Company's post-petition performance has given the Court enough
confidence to allow Piper's management until February 5, 1993 to submit
a formal plan of reorganization.  The effort toward this goal is
on-track and a reorganization plan will be submitted to the Court well
within that period.

Piper Aircraft Corporation is a privately held corporation with offices
in Vero Beach, Florida.

-----------------------------------------------------------------------

Comments and clarifications from my conversations with the rep:

Piper's current plans call for an emergence from Chapter 11 as an
independant company.  All current buyout plans have been dropped, but
the company has solidified it's position enough that it feels the court
will support a reorganization and continued production in Vero Beach.
Sounds hopeful, but we'll see...  All of this does not mean that Piper
wouldn't accept a buyout offer if an attractive one came along between
now and next February, but there is currently nothing in the works.

On the parts front, the rep STRONGLY ENCOURAGED owners to contact Piper
first when starting their parts search.  Piper's opinion is that most
repair folks have gotten so used to scrounging for spare parts from
junkyards etc. that they don't even try to contact Piper anymore.
Other netters have documented parts difficulties as well as some
effective strategies for securing new parts for grounded aircraft.  The
good news is that Piper claims that the difficulties are declining on an
almost daily basis.  Looks like I'll get to test this myself as my gear
failed to retract on climbout several days ago.  This problem first
appeared over a year ago, and almost prevented my trip to OSH '91, till
my mechanic located a used hydraulic pressure switch (the failed part)
last July.  Looks like the switch was a bit TOO well used as it only
lasted 13 months.  

Here's hoping I can get a new one this time around.  And here's wishing
Piper continued luck in the struggle back from Chapter 11.


Scott Turner  scott@hpisla.LVLD.HP.COM
HP VXI Systems Division
Turbo Arrow N2134N  "Baby"