PARIS Dec 4 French engineering group Geci
International's Sky Aircraft unit is heading for a
likely liquidation this week after it was placed under creditor
protection in October.
A court-appointed administrator for Sky Aircraft, whose
flagship light-aircraft project Skylander has this year failed
to raise the tens of millions of euros cash it needs, is
expected to request the unit's liquidation at a commercial court
hearing on Thursday, a staff representative told Reuters.
"Unless we raise the cash we need to pay our staff in the
next two days, the court will decide on liquidation," said
Nathalie Hannis, a CFE-CGC union representative.
If the unit is wound down, it will mark a grim milestone for
its 159 employees and for the economy of France's north-eastern
Lorraine region, which was supposed to get a lift from the
The French state had given some 50 million euros ($65.43
million) in financial support to Geci, which hoped to offer the
Skylander to small airlines and logistics specialists like FedEx
Although the government pledged additional funds via its FSI
sovereign wealth fund, in the end it stopped short of agreeing
to shoulder the whole project without outside financial support.
Geci's shares have been suspended since June.