Editing Piper Aircraft (section)

===1980s and 1990s===
Piper opened its T1000 airline division at the [[Lakeland, Florida]], location in May 1981, with 20 people. Employment at both of Piper's Lakeland divisions peaked at 2,200 later that year. The [[Piper PA-42 Cheyenne]] IV and the [[Piper T-1020]]/[[Piper T-1040]] aircraft were manufactured in Lakeland during that time. Piper also maintained a fully staffed research and development center in Lakeland, including the "X" shop, which developed the [[Piper PA-48 Enforcer]]. The airline division provided aircraft for commuter airlines in the United States including [[Air New Orleans]], Desert Sun in Long Beach, Shasta Air and [[Sun West Airlines]], as well as internationally for Vickers for corporate transport use in the United Kingdom, Cameroon's Avia Services and to Piper's distributor in Colombia, Aero Leaver.<ref name="1983|0748|Flight Archive">{{Cite news|url = http://www.flightglobal.com/pdfarchive/view/1983/1983%20-%200748.html|title = Piper consolidates at Lakeland|access-date = 23 November 2011|date=April 1983| work = Flight International|issn = 0015-3710}}</ref> In 1984, Piper changed hands when parent company Bangor Punta was acquired by Lear Siegler<ref name="Lear">{{cite web|url = https://www.gjenvick.com/BangorPunta/Corporate/Timeline/BPCorporateHistory1980s.html|title = Bangor Punta Timeline - 1980s|access-date = 7 April 2010|last = Bangor Punta|year = 2010}}</ref> which, in turn, was acquired by Forstmann Little in 1986.<ref name="FundingU">{{cite web|url = http://www.fundinguniverse.com/company-histories/Lear-Corporation-Company-History.html|title = Lear Corporation|access-date = 7 April 2010|last = FundingUniverse|year = 2004}}</ref> Forstmann Little then sold Piper to [[M. Stuart Millar]] in 1987.<ref name="Millar">{{cite news|url = https://www.nytimes.com/1990/03/15/business/piper-aircraft-s-rescuer-falters.html?pagewanted=1|title = Piper Aircraft's Rescuer Falters|access-date = 7 April 2010|last = Weiner|first = Eric|date=March 1990 | work=The New York Times}}</ref>

Manufacture of light aircraft was impacted in the mid-1980s when increasing product liability insurance premiums made operation financially difficult for Piper and other American manufacturers of light aircraft. In a bid to improve sales, Piper cut prices for its aircraft and the company became unprofitable. In 1991 the Lakeland, Florida factory was sold and closed and by July that year the workforce had shrunk to 45; with only $1,000 in available cash remaining, Piper filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] after a proposed takeover by competing French manufacturer [[Socata]] failed over the issue of product liability.<ref name="Suma"/><ref>[http://www.flightglobal.com/pdfarchive/view/1991/1991%20-%200687.html "Piper rescue package fails", ''Flight International'' magazine, 27 March - 2 April, 1991, p. 5 (online archive version)] retrieved 12 August 2012</ref> Production of the flagship Cheyenne 400 ended in February 1993 with only 43 being built since its inception a decade earlier.<ref name="Anet42">{{cite web|title=Aircraft data: Piper PA-42 Cheyenne III/400 |url=http://www.airliners.net/aircraft-data/stats.main?id=314|publisher=Airliners.net|access-date=23 November 2011}}</ref> In 1995, the company emerged from Chapter 11 bankruptcy and was renamed '''New Piper Aircraft'''. As part of the end of bankruptcy protection, the company was sold to Newco Pac Inc., itself owned by Piper's creditors (including major creditor, aircraft engine manufacturer [[Continental Motors, Inc.|Teledyne Continental Motors]]) and a Philadelphia-based investment firm.<ref name="Suma">Lopez, Ramon. [http://www.flightglobal.com/pdfarchive/view/1995/1995%20-%202417.html "Piper sings a new tune: Piper's emergence from Chapter II heralds a rebirth of general aviation", ''Flight International'' magazine, 23–29 August 1995, p. 26 (online archive version)] retrieved 12 August 2012</ref><ref name="JanesPiperInc">{{cite web|url = http://www.janes.com/articles/Janes-Aircraft-Upgrades/Piper--Piper-Aircraft-Inc-United-States.html|title = Piper - Piper Aircraft Inc (United States), Contractors|access-date = 7 April 2010|last = Jane's Information Group|author-link = Jane's Information Group|year = 2009}}</ref>