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Tue, Nov 28, 2006

Tiger Aircraft Puts Assembly Plant Up For Sale

Hopes To Raise Funds... And Stay In Business

In a desperate attempt to raise capital, beleaguered airplane manufacturer Tiger Aircraft is selling its assembly facilities at the Eastern West Virginia Regional Airport in Martinsburg.

The Associated Press reports the company is asking for $5 million dollars, a price that includes the rights to Tiger's lease with the airport to occupy the space. That lease gives the airport the right to approve any purchaser, and any uses for the buildings.

The sale is being conducted by The Hawthorne Group.

The hope, of course, is a new owner would still allow Tiger to build planes at the plant. For the moment, Tiger Aircraft and its remaining employees are still in the buildings, and the company is ostensibly building planes... although only three AG-5Bs have been delivered this year.

As Aero-News reported earlier this month, city officials say the company hasn't paid real estate or personal property taxes since 2004. Most of the company's workers have been laid off.

The company has resisted declaring bankruptcy, saying it still holds out hope an investor may come along and rescue the planebuilder.

FMI: www.hawthorne-group.com/

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