Look Out, Here It Comes Again
All of these model manipulations were again affecting Mooney Aircraft’s fortunes, leading it into bankruptcy in July 2001. Acquired by Advanced Aerodynamics and Structures, Inc., in 2002, Mooney was sold…
The most recognizable feature on an M20 is the forward swept tail. Its contribution to the plane’s overall speed is a subject of great debate, but all agree that its status is iconic. Photo courtesy of Shutterstock
All of these model manipulations were again affecting Mooney Aircraft's fortunes, leading it into bankruptcy in July 2001. Acquired by Advanced Aerodynamics and Structures, Inc., in 2002, Mooney was sold to Allen Holding Finance in May 2004 but then was reacquired by ASSI (as Mooney Aerospace Group, Ltd.) in December 2004. The introduction of Garmin G1000-fitted Ovation 2 GX and Bravo GX glass-cockpit models soon followed, and in April 2006, the M20TN Acclaim was unveiled.
However, in June 2008, the economic recession had an effect. By November, production was shut down, and only fleet-support workers were in the plant. Production resumed in April 2010, but that attempt wasn't successful. In October 2013, a Taiwan-based investor group bought Mooney, promising to restart production again, accomplished in February 2014.
In 2016, Mooney received FAA approval for the M20U Ovation Ultra and M20V Acclaim Ultra, incorporating a new left-side entrance door, in addition to the original right-side portal. Sales continued to be slow, and in November 2019, the plant was again shut down, reopening a month later but soon reclosing.
At present, a new ownership group, under US Financial LLC, has taken over and is focused on maintaining support of the current fleet of 7,000 Mooney aircraft. Hopefully, the plucky little Texas plane maker will again rise from the ashes and produce Mooneys worthy of the historic legacy.
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