Thu, Feb 15, 2007
AOPA Says American, French-Canadian Groups In Running
The Aircraft Owners and Pilots Association reports 2007 may not
be as bad of a year for Symphony Aircraft Industries as many
thought. The company announced it was entering liquidation last
month... but it appears two buyers have shown interest in acquiring
the assets of the currently-defunct planemaker.
AOPA says two groups -- an unnamed American aviation company,
and a French-Canadian group -- have indicated interest to the
Canadian bankruptcy court in making an offer for all assets of
Symphony Aircraft.
An investor who had previously indicated interest in the
company, but pulled out January 19 (all-but-guaranteeing the
company would be liquidated) is not among either group, nor is
previous Symphony CEO Paul Costanzo.
As Aero-News reported,
Symphony filed for protected status -- the Canadian equivalent of
Chapter 11 reorganization, although not technically "bankruptcy" --
in June 2006. At that time, Costanzo stated the planemaker hoped to
secure new funding, but cited difficulties with that plan due to
the Canadian investment market. Symphony is based in Trois-Riveres,
Quebec.
SAI went to court January 22, 2007 to have its Plan of
Arrangement with its creditors ratified... but due to the potential
investor pulling out, secured creditors filed a petition in
bankruptcy against the company instead. The court ruled Symphony's assets be
sold, to pay back the company's debts.
SAI manufactured the SA160, a two-seat, high-wing trainer. The
company marketed a glass-cockpit version of the plane equipped with
an Avidyne Entegra panel, but the company was not able to obtain
FAA certification for the package due to it filing protected
status. SAI had also taken steps to develop a
Thielert-diesel-powered version of the plane, as well as a larger
four-seat variant.
Before any new offers for the company will be heard, SAI's
creditors will meet February 24. That should be an interesting
meeting...
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