Key Developments: First Aviation Services Inc (FAVS.PK)
10.95USD
16 Apr 2013
$0.44 (+4.19%)
$10.51
$10.95
$10.95
$10.95
1,500
141
$11.00
$4.50
Latest Key Developments (Source: Significant Developments)
Resilience Capital Partners Announces Acquisition Of Majority Interest In Aerospace Products International From First Aviation Services Inc
Resilience Capital Partners announced that it has acquired a majority interest in Aerospace Products International, Inc. (API), a global aviation parts and equipment distribution and supply chain management firm, from First Aviation Services Inc. Full Article
First Aviation Services Inc. Announces Settlement With Piedmont Aviation Component Services
First Aviation Services Inc. announced that it reached a Settlement Agreement and Release (Settlement) signed June 30, 2011 with Piedmont Aviation Component Services, LLC (Piedmont), the former owner of FAvS' subsidiary Piedmont Propulsion Systems, LLC (PPS), concluding all disputes between the Company and Piedmont, including a dispute related to a PPS power-by-the-hour contract with a major airline (previously described in the Company's public documents). In connection with those disputes the Company in its 2010 financial statements recognized a $3,480 thousand accrued loss on the power-by-the-hour contract and decreased previously reported goodwill by $3,715 thousand. Pursuant to the Settlement, each party fully released the other party and acknowledged that the settlement was a compromise of disputed claims. Piedmont paid $1.4 million to FAvS in total as part of the Settlement, a portion of which had been transferred at an earlier date. Full Article
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