MOORFIELDS ADVISORY SECURE BUYER FOR UNMANNED AIRCRAFT OPERATOR
A buyer has been found for unmanned aircraft operator Flylogix Limited, which entered administration on 2nd March 2023.
Flylogix is an emerging market leader in the unmanned aircraft operator sector. Pioneering new ways for aviation to bring together artificial intelligence, satellite communication and low cost electronics to develop new smaller, more efficient unmanned aircraft that can dramatically reduce carbon emissions and improve safety. Unfortunately, challenging operational issues such as bad weather meant the Company suffered a backlog of flights, impacting upon revenues and cash flow.
The Board approached Moorfields in an advisory role to provide restructuring advice and options analysis, whilst marketing the business for sale. Whilst there was significant interest in a solvent sale, a satisfactory solution could not be found and the business was placed into Administration. The business was subsequently marketed in Administration and a buyer for the business and assets was found on 27th March 2023, thereby providing continuity of employment for a number of staff.
Andy Pear, Partner at Moorfields said: “We are delighted to have found a buyer for the business, which will mean there will be continuity for a number of staff and a distribution to the unsecured creditors. The Company was a class leader in the field of UAVs and the sale should mean the purchaser continues to service the clients going forward”.
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Moorfields Advisory Ltd is one of the UK's leading independent firms of restructuring and insolvency specialists. The highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high-quality advice to companies and their stakeholders in financially distressed situations.
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