The Volpar Aircraft Corp., based at Van Nuys Airport, has filed for reorganization under Chapter 11 of the federal bankruptcy code.
The firm, which performs repair and alterations on aircraft, including luxury interiors for jetliners, filed in U.S. District Court in Los Angeles on June 9, said Carl G. Hokanson, president.
The firm had fallen behind in its lease payments to the Los Angeles Department of Airports, Hokanson said. "Basically, we filed because we have a number of unsecured creditors and our principal asset is the lease on the property from the Department of Airports, which refused us any further payment extensions," he said.
Volpar, founded in the 1950s, has been a wholly owned subsidiary since 1979 of McDivitt Holding Co., a Nevada corporation, Hokanson said.