Georgetown, DE, September 23, 2010 – With yesterday’s completion of the sale of DeCrane Aerospace’s Cabin Management businesses, PATS Aircraft Systems is now poised to pursue its standalone business plan.
“It is an exciting time for all of us at PATS,” says John Martin, PATS’ newly appointed CEO. “After the PATS team’s hard work in turning the business around, it is gratifying to see the progress that has been made. For our customers, suppliers, and employees, I am pleased to report that it is ‘business as usual’ for PATS.”
The proceeds of the sale of the Cabin Management businesses were used to repay outstanding debt and redeem preferred stock issued by DeCrane Aerospace, pay transaction expenses and provide funding for the ongoing operations of PATS. The restructuring of the capital structure of DeCrane Aerospace and PATS is in progress.
PATS Aircraft Systems, based in Georgetown, Delaware with approximately 400 employees, is an industry leader in the design, manufacture, installation, and support of Auxiliary Fuel Systems (AFS) for a variety of aviation applications. PATS also manufactures numerous aerospace components (including the Hollingsead International product line); and provides a wide range of VIP executive aircraft maintenance, modification and executive interior completions services.