CAA: GA News, "Bankruptcy helps save Virginia's Hampton Roads Airport"

["Stephen Irwin" <stepheni@cwnet.com>]

Friday, May 12, 2000

Bankruptcy helps save Virginia’s Hampton Roads Airport
GA News


PORTSMOUTH, Virginia — When is bankruptcy good for an airport?

When an owner’s attempt to close it and build an industrial park in its
place drives it into receivership.

That’s the road that led to salvation for Hampton Roads Airport (PVG),
located seven miles southwest of Portsmouth.

PVG has been in bankruptcy since Mercury Air LLC, the former owner, went
belly up last year.

A bankruptcy court has now accepted a bid from new owners who have a
different agenda for the airport.

“We’re going to pursue one thing, and that’s aviation,” said Andy Gibbs, one
of the new owners. Gibbs is also proprietor of Hampton Roads Charter
Service. His partners are Steve and Jack Fox. Steve Fox owns a real-estate
auctioneers firm called Fox & Associates. Jack Fox is Steve’s father.

“New blood, new money, new mortgage,” Gibbs said just before closing on the
purchase May 1. Gibbs, whose charter company has been based at the airport
for a year, will also serve as airport manager and chief of operations. He
operates two BE-58s and has invested about $200,000 in his facilities. That’
s what led him to make a bid on the airport initially. “To protect my
interests, it became necessary to become involved,” he said.

As a reliever for Norfolk, the airport is eligible for federal and state
grants, and assistance from the Virginia Department of Aviation (VDOA) and
FAA has been valuable.

“They don’t want to lose this airport, and they made it clear that they’re
willing to help us,” Gibbs said. The airport’s master plan has already been
approved. It calls for construction of new hangars, a fuel-farm upgrade and
a major runway project: The airport’s 4,000-foot primary runway, 10/28, will
become the parallel taxiway for a new 10/28 that will be about 5,500 feet
long. Lots of cosmetic improvements will come first.

“We have quite a bit of what you might call ‘deferred maintenance’ to try to
tidy up the airport,” Gibbs said.

About 160 aircraft are based at the airport, and the new owners see big
potential growth in corporate aircraft activity. “There’s quite a bit of
interest from companies bringing their jets here,” Gibbs said.

With an air show tentatively planned for late August, the aviation community
has reason to celebrate the new beginning at the airport. And, according to
Gibbs, they have been.

“We’ve received calls and letters from people wishing us good luck and
expressing their enthusiasm and excitement,” he said.


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