Van's Bankruptcy Update with Clyde Hamstreet

On Wednesday, an Oregon court approved Van's Aircraft's Chapter 11 bankruptcy recovery plan, and now the company can continue implementing elements of that and looking to the future. Clyde Hamstreet, of Hamstreet & Associates, a firm specializing in bankruptcy recoveries, gave us the view ahead as Van's works through more internal reorganization and rebuilding of its business. Among the highlights:
• Van's will definitely continue the development of the high-wing RV-15 (though it will not be shown at this summer's AirVenture in Oshkosh)
• It is still in the process of implementing business software that will give it better visibility to internal costs.
• Van's will build out its quality-control capabilities.
• Van’s board of directors is currently made up of Richard VanGrunsven, Diane VanGrunsven (his wife), Mikael Via, Don Eisele and Rian Johnson. Moving forward, the board makeup will likely change, with the goal of having more outside influence and perspective.
• Mikael Via is expected to shed the "interim" part of his title as Interim CEO.

[@EJWash57]

RV-14 builder here. I appreciate this informative and positive exchange. I had my Fuselage and Finish kits on order just before the laser-cut-part and bankruptcy reorganization. The kits were delivered, and communications with Van's was no-drama, as usual. Kudos to the Frontline employees for showing positive attitudes - which isn't easy.

[@bertschb]

Great interview Marc. Well done!

[@danonly7]

Clyde hamstreet is requesting over a million from the company. I guess shepherding companies through bankruptcy pays very well...

[@jimcunningham9181]

Cool glasses.

[@amtpdb1]

Van's prices are going up, they are not going to pay their creditors all their money owed and are asking people who have already paid their money for more money. Vans tells everyone that they were not charging enough. They made mistakes about the lazer cut parts and farming out manufacturing of parts to make more money and the greed got the best of them. Vans loaned their company several million dollars. Could someone tell me where they got this money from? Maybe the tooth fairy. Could someone tell me if Vans is going to take 10 cents on the dollar for the money they loaned the company or are they going to get ALL of it back. The prices they charged were high enough before all of this or they would not have millions to loan themself!!!! People now have no morals. Maybe Vans will give back all the excess profits they have made and everyone can that worked with them can get paid or not charged more for what they contracted for. Too many people are saying now, I got mine so I don't care if anyone else gets theirs.

[@woodturner1954]

Bottom line is Vans is going to keep the millions they made from the company they built. New and existing customers must pay more for a product. Typical bankruptcy out come. Van's will be able to suck more money out of the company and creditors will lose. Unfortunate outcome in the aviation community.