The Aerospace Development Corporation (ADC), manufacturer of the Advanced High-performance Reconnaissance Light Aircraft (AHRLAC) aircraft has been "rescued" by Paramount Group.
The business rescue practitioner of the South African-based ADC announced the 'successful adoption' of the company by Paramount Group on October 22.
A business rescue plan was also unveiled as part of the adoption, which will ensure jobs, resumption of sales and the secure, continued development of the AHRLAC platform, according to Paramount. The firm has also provided ADC with post commencement funding and will provide further funds into the corporation over the coming months.
Paramount Group reiterated its "commitment to building a strong sustainable aircraft and aerospace systems capability in South Africa."
The business rescue plan was unveiled in August 2019 and outlined Paramount Group's intentions to create two new South African-based companies to work on the AHRLAC. The first will be established to cover the aircraft's manufacturing and tangible assets, the second will hold all of the intellectual property regarding the aircraft. Both will enter a new licensing agreement which follows similar terms to the aircraft's previous one.
The AHRLAC is proposed as a versatile, multi-role aircraft capable of performing a variety of roles. There are five separate variants of the aircraft, each covering individual roles including training, military, safety and security, civil and private, policing and anti-poaching. The twin-seat aircraft can be equipped with Martin Baker's Mk16/ Mk17 ejection seats and is powered by a single Pratt & Whitney PT6-66b 950hp flat rated engine, giving it a top speed of 272kts (313mph or 503km/h) and a range of 1,100nm (1,265 miles or 2,037km), without external fuel tanks. The aircraft is 10.5m (34ft) long and has a wingspan of 12m (40ft). It can operate for longer than seven hours and at altitudes up to 31,000ft (9,448m).