Cessna still leading Columbia purchase bid
By AOPA ePublishing staff
Cessna Aircraft is clearly leading the charge to purchase Columbia Aircraft, and even if its deal doesn't go through, it gets a fee of up to $500,000 for holding the upper hand under a prior agreement.
Other suitors, meanwhile, continue to pursue the company.
Creditors were to meet Oct. 31 to discuss $60 million in unsecured debt and have until the end of January to file claims. The Cessna deal includes $14 million to $16 million in cash and the assumption of $2 million in claims held by Garmin International and $5.8 million to $8.5 million in additional claims.
Cirrus Design has indicated strong interest, along with financing companies and the Malaysian Ministry of Finance, a majority shareholder. Bids must be received by Nov. 20 with an auction planned for Nov. 27 if bids are received.
November 1, 2007
