the fall of 2005 and five per month in 2006. The company pursued certification of a Ballistic Recovery Systems full aircraft parachute system and also an Avidyne glass cockpit instrumentation installation. SAI filed for protection from creditors under the Canadian Companies' Creditors Arrangement Act in June 2006. At that time the company stated that it needed an investment of US$5.5M to continue production. The company was not able to secure the capital in Canada and indicated at that time that it might have to relocate production to attract financing from other sources. CEO Paul Costanzo indicated that factors involved in this situation included the dramatic fall in value of the US dollar against the Canadian dollar between 2003–2006, start-up and product improvement costs that were greater than expected and especially a venture capital environment in the Province of Quebec that Costanzo described as "dismal". He stated at the time, "We have simply been unable to attract sufficient capital to allow us to effectively exploit the obvious opportunity that we have with the SA-160, let alone fund our planned development of a diesel two-place and a four-place product." He indicated then that the company was focusing on certification of the SA-160's glass cockpit installation along with product cost reduction measures. On January 22, 2007, following the withdrawal of its lead investor three days previously, Symphony Aircraft declared bankruptcy, closed its doors and laid off its entire workforce. NAFTAA On February 3, 2008 it was publicly announced that the former lead investor in Symphony Aircraft, Lou Simons, was planning to restart production of the SA-160 under the name North American Factory for Technologically Advanced Aircraft (NAFTAA). The intention at that time was that aircraft may be produced at a different location and may have a new name. Also planned were additional versions of the SA-160. The new company announced in July 2008 that they intended to restart production by the end of 2009 at the previous plant in Trois Riveries, with a plan to produce 15 aircraft in 2009 and ramp up production to 50 to 80 per year by 2012. The aircraft were to have been given a new name and be available in a VFR version intended for flight school use, a basic IFR version and a glass cockpit equipped version powered by a 200-hp Lycoming IO-390 powerplant giving it a forecast cruise speed of 148 knots. The plan was