Tucson: Ascent Aviation Services Succeeds Global Aircraft Solutions

New company takes over from Global Aircraft


By David Wichner

ARIZONA DAILY STAR 11/11/09

A new aircraft maintenance company has emerged from the bankruptcy ashes of Tucson­based Global Aircraft Solutions Inc.

Ascent Aviation Services Corp. formally launched opera­tions Tuesday at Global Air­craft’s former center at Tucson International Airport.

Ascent was formed by Glob­al’s major creditor, a fund man­aged by Chicago-based Victory Park Capital. Victory Park bought the Tucson company’s key assets — including Hamilton Aerospace Technologies Inc. — as part of Global’s Chapter 11 bankruptcy reorganization.

The company’s plan was ap­proved by U.S. Bankruptcy Judge James Marlar late last week and became effective Monday. The company had continued to oper­ate at the TIA site since filing for bankruptcy in January.

Victory Park, which held se­cured bankruptcy claims of more than $7 million, made a success­ful credit bid of $4.25 million for Hamilton Aerospace’s assets and $1 million for the assets of World Jet Corp., Global’s parts sub­sidiary, in a bankruptcy auction last month.

Matthew Ray, CEO of Ascent Aviation and a principal in Vic­tory Park Capital, said the new owners plan to revitalize the business, with core maintenance operations focused on narrow­body McDonnell Douglas MD­80 and Boeing 737 jets.

“It’s a very simple objective we have — we intend to become one of the premier narrow-body commercial aircraft mainte­nance centers in North Ameri­ca,” Ray said. “It’s our intent to run this business profitably and grow it.”

Ray said the new company re­mains committed to Tucson, noting that Victory Park helped Global keep a steady work force of about 80 skilled workers dur­ing the bankruptcy by providing more than $1 million in debtor fi­nancing.

“Tucson is where we want to be — we’re extraordinarily pleased with the high level of ex­pertise of the employees here.”

Ascent Aviation will provide aircraft heavy maintenance, line maintenance, modification and transition services, aircraft stor­age, paint, disassembly and con­signment parts sales.

On Tuesday, Ascent received its Federal Aviation Administra­tion certificate, similar to that held by Global Aircraft solutions, which allows the company to perform routine to heavy “D check” maintenance work on commercial jetliners, Ray said.

“We’re already signing off on work under the new name,” Ray said Tuesday afternoon.

The new company will start with a “fresh slate,”Ray said,with the new name and without most of Global’s former executives.

The only holdover from prior senior management, Ray said, isDave Querio, who is president of Ascent Aviation. Querio formerly had served as vice president of sales and vice president of operations for Global Aircraft.

Ascent is planning to reno­vate the former Global hangar site on TIA’s west side and will meet with airport officials to­day to walk through the com­pany’s plans, Ray said. The company has assumed Glob­al’s month-to-month lease and is negotiating a long-term lease, he added.

Ray acknowledged that the aircraft market is still suffer­ing amid the poor economy, but Ascent is committed to building a viable operation over the long haul.

“Going forward, it’s going to be a pretty methodical ap­proach,” he said.

Ascent has retained the In­diana- based aviation firm Sage-Popovich Inc. as an ad­viser, Ray added.

Tucson Airport Authority spokeswoman Paula Winn Perino confirmed that discus­sions are under way with As­cent on a longer-term lease.

The continuation of Global’s operations by Ascent is impor­tant because it provides rev­enue for the authority and jobs for the community, she said.

Contact Assistant Business Editor David Wichner at 573-4181 or dwichner@azstarnet.com