New Piper's Changing Owners, a Little | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne/NBAA2014 10.24.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.24.14 **
** Airborne/NBAA2014 10.22.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.22.14 **
** Airborne/NBAA2014 10.21.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.21.14 **
** Airborne/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **

Tue, Jul 15, 2003

New Piper's Changing Owners, a Little

New Piper Has New Money, Possibly New Owner

Since last night, the rumors have been flying; now, we know something: American Capital Strategies Ltd., out of Bethesda (MD), has purchased a large portion (rumored to be about 3/4) of New Piper's debt. In real money, that comes to about $130 million.

That transaction means two things: the airplane company will have some cash to work with; and American Capital is well on its way to being the owner of record of New Piper.

The announcement, as we informed you early this morning, was made by New Piper's President, Chuck Suma, at a very special press conference in New York city. He was enthusiastic: "The American Capital investment is a major step in the right direction for New Piper," he told assembled financial reporters.

American Capital's Managing Director (and Senior VP), Gordon O’Brien, seemed happy with the deal, and with New Piper's management: "The exceptional leadership of The New Piper management team, the company’s strong dealer network, its dedicated and skilled workforce were major factors in deciding to invest additional capital in the company." He continued, "We have watched Chuck Suma and his team rebuild New Piper into an innovative leader in general aviation, despite what has been a particularly tough economic climate."

It looked like the right company, at the right time, O'Brien continued. "We think New Piper is now poised to become even stronger as the economy -- and general aviation, in particular -- rebound."

After all the dust settles in a couple weeks, will any of the 800 or so former employees be recalled? It may be too early to tell, but President Suma did not rule out the possibility. After all, that's what a recovery plan is all about -- and, as New Piper has new money, and the industry itself is actually starting to stagger to its feet, why not?

FMI: www.newpiper.com; www.american-capital.com

Advertisement

More News

Airborne 10.24.14: AML's Innovations, NASA Preps For Mars, LightHawk Saves

Also: AW609 Pilots Honored, Airbus' VIP Cabin, FreeFlight's FTX-200, Quicksilver S-LSA Milestone During our visit this week to NBAA 2014, Jim Campbell had a chance to talk with Mar>[...]

Airborne at NBAA-10.22.14: Legacy 500, Universal InSight, BendixKing AeroWave

Also: GE Honda, Sagem's Active SideStick, Syberjet Update, Techno Aerospace Knows How to Party The FAA handed over certification papers for Embraer's Legacy 500 executive jet durin>[...]

Airborne 10.24.14: AML's Innovations, NASA Preps For Mars, LightHawk Saves

Also: AW609 Pilots Honored, Airbus' VIP Cabin, FreeFlight's FTX-200, Quicksilver S-LSA Milestone During our visit this week to NBAA 2014, Jim Campbell had a chance to talk with Mar>[...]

AD: Pacific Aerospace Limited Airplanes

AD NUMBER: 2014-21-02 PRODUCT: Pacific Aerospace Limited Model FU24-954 and FU24A-954 airplanes.>[...]

ANN's Daily Aero-Linx (10.25.14)

The Canard Zone An online forum by and for owners and builders of canard aircraft.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC