By AOPA ePublishing staff
A federal bankruptcy court has approved an asset purchase agreement between Cessna Aircraft Company and Columbia Aircraft, and set Nov. 27 as the date for the planned auction of Columbia.
Execution of the asset purchase agreement puts Cessna in the preferred position entering the bidding process. Rules for the bidding were approved by the bankruptcy court on Oct. 22.
In addition to Cessna, Cirrus Design, investment firm Versa Capital Management Inc., and Park Electrochemical Corp. have expressed interest in bidding for Columbia.
Columbia announced on Sept. 24 that it had filed for Chapter 11 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.
October 25, 2007