Cirrus bows out of Columbia bidding
By AOPA ePublishing staff
As the Nov. 27 auction date for Columbia Aircraft approaches, at least one would-be contender has announced that it will not seek to purchase the bankrupt aircraft manufacturer.
Cirrus Design said Nov. 20 that it would not be part of the bidding process. Instead Cirrus will focus on internal growth and customer support.
"Many factors played a part in this decision, but in the end Cirrus felt that this would be in the best interest of the 3,500-plus Cirrus aircraft owners who have helped us get to this point and deserve our full attention," said Cirrus spokesperson Debbie Backlund.
Cessna Aircraft Company, which purchased many of Columbia's assets in October, holds a preferred position entering the auction. Other likely contenders include Versa Capital Management Inc. and Park Electrochemical Corp.
Columbia announced on Sept. 24 that it had filed for Chapter 11 bankruptcy so that it could continue operating—this despite the fact that deliveries through the third quarter of 2007 were on pace to set a new company record.
November 20, 2007
