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