By Alton K. Marsh
Commander Premier Aircraft Corp. (CPAC) located in Cape Girardeau, Mo., is on the auction block after failing to find between $5 million and $10 million in financing needed to restart aircraft production.
CPAC was formed in 2005 by 50 owners of Commander airplanes to acquire the assets of bankrupt Commander Aircraft Company. They wanted to build new Commanders and provide parts and service to the existing fleet. The new company received FAA authority for parts sales and had set up production equipment to resume the manufacturing of the single-engine airplane line.
CPAC was hoping to find financing by last December and ramp up production this year, but investors couldn’t be found.
“While CPAC has always been open to being acquired, it has concentrated its own efforts on raising production financing and continuing its ramp up as an independent company,” according to a statement. “However, prompted by recent purchase inquiries, and acknowledgement the general paralysis of the financing market, CPAC’s Board of Directors approved CPAC announcing that it would consider responsible offers for the purchase of all, or a controlling interest in CPAC.”
May 7, 2008