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AMA Drone Report 01.11.18: Hobbico Chapter 11, New T...

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  • 5 months ago
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Also: Huerta Steps Down, NJ Considering Drone DUI, UK Drone Collision Study, Team Futaba
In a bit of bad news we did not need, one of the hobby industry’s biggest players is filing for bankruptcy protection as it looks to refinance or sell the company. A major presence in the hobby drone market, Hobbico filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it ‘seeks an orderly finalization and implementation of its comprehensive restructuring plan.’ The petition was filed Wednesday with the United States Bankruptcy Court – Wilmington of Delaware. In conjunction, Hobbico also announced its plan to sell the company. Ryze Tech, a drone start-up, has completed development of its first intelligent toy drone called the Tello, and is officially debuting the new product at CES 2018 in Las Vegas. The Tello is a hobby drone that balances fun, form and function, weighing around 2.8 ounces with a body that is approximately the size of a smartwatch. It can be activated with a quick toss and return to land in the palm of your hands in a matter of seconds. GoPro announced in its most recent earnings report that it is exiting the camera drone market after it sells off its existing drone inventory. The company is reportedly laying off between 200 and 300 people, mostly from the Karma segment of the business.
The layoffs were announced in a letter from GoPro executives to employees affected by the move, which was called part of a "larger restructuring to better align our resources with business requirements." All this -- and MORE in today's episode of the AMA Drone Report!!!
AMA Drone Report 01.11.18 is chock full of info in this Weekly News Episode, Thursday, January 11th, 2018... Presented by Aero-TV veteran videographer and Airborne Hosts Brianne Cross, Christopher Odom, and Laura Hutson, and is supported by ANN CEO/Editor-In-Chief Jim Campbell, Chief Videographer Nathan Cremisino, and Aero-Journalists Tom Patton, and Earl Downs, this episode covers:
Hobbico, Inc. Files Petition For Chapter 11 Relief, Pursues Sale Of Company
New Tello Hobby Drone Soars Into CES 2018
GoPro Kills Karma, Announces Layoffs
Huerta Steps Down As FAA Administrator
New Jersey Considering Drone DUI Law
U.K. Drone Collision Study Called Into Question
Team Futaba Welcomes Colton Clark
Get Comprehensive, Real-Time, 24/7 coverage of the latest aviation and aerospace stories anytime, at aero-news.net. And be sure to join us again next week for the next edition of "AMA Drone Report" here on Aero-TV. Thanks for watching. See you, again, tomorrow!
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