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LOOP News 10 OCT 07: CESSNA BUYS COLUMBIACessna issued a statement during the NBAA Convention (Report, page 21) saying that it has signed a Letter of Intent (LOI) with Columbia Aircraft Manufacturing Corporation to acquire selected assets and certain liabilities of the Bend, Oregon-based aircraft manufacturer. Jack Pelton, boss of Cessna, said "Columbia's unique capability in the high-end single-engine piston market makes it a perfect complement to our Next Generation Piston product line and could provide our customers with the option of an outstanding low-wing, high-performance piston airplane. "We believe the combination of this superb product line and Cessna's world class support structure and brand will be unbeatable." Columbia has submitted a motion with the Bankruptcy Court seeking approval of the sale to Cessna. The sale to Cessna is contingent upon the approval of the Bankruptcy Court and the satisfaction of the closing conditions set forth in the LOI, including the execution of a definitive purchase agreement with Cessna. "The sale of Columbia Aircraft Manufacturing assets to Cessna offers the best avenue to maximise value for all of Columbia's stakeholders and existing and future customers," said Columbia's Carl Young. He added, "Under the agreement reached with Cessna all product warranty and service issues will continue to be honoured post-acquisition and customers should expect an enhanced customer experience once the deal closes." Columbia blames the cash-flow crisis on events dating back to 2006 that hampered its ability to deliver aircraft, including "a damaging delay in the certification program for the G1000 avionics, a freak hail storm that damaged 67 aircraft awaiting certification and finally the recent supply chain disruption for essential avionics equipment". W: www.cessna.com W: www.flycolumbia.com |                      | ||||||
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