Fri, Oct 22, 2004
Middle East Financial Firm Antes Up
There's good news and
bad news at Liberty Aircraft. The good news is that struggling
Liberty Aerospace says that Kuwait Finance House in Bahrain has
agreed to buy up 75% of the stock in Liberty's parent company. The
bad news is that Liberty says its management and staff will remain
unchanged (which we understand has been in quite some disarray
and sorely lacking in credibility after years of broken
promises).
KFH Bahrain, General Manager Mr. Abdulhakeem Alkhayyat said,
"Liberty's healthy order book and their step-by-step fulfillment of
their business plan convinced us that Liberty represents the right
investment for KFH Bahrain and its investors."
In a statement to ANN, Liberty said Kuwait Finance House has a
robust financial position with balance sheet assets in excess of
US$11 billion, is rated A2 by Moody's and has a strong track record
of investment, including a US$800 million investment in the
aviation sector through its Millennium Aircraft Leasing Company
which owns and leases commercial airliners to major international
airlines.
Regarding the timing of the investment, Tiarks said, "Liberty's
strategy has been to first complete the FAR Part 23 Type
Certification of our remarkable aircraft and then to identify a
global financial partner that will allow us to roll out our
business plan with strength and confidence. The history, commitment
and global positioning of Kuwait Finance House, Bahrain, is
absolutely ideal, allowing Liberty to bring its XL2 aircraft to the
international marketplace, and to support it for many years to
come."
The Liberty XL2 is the first all-new two-seat aircraft to
receive full US certification in the past 30 years.
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