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German OMF Aircraft Declares Bankruptcy



 
 
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  #1  
Old December 10th 03, 04:03 PM
Fitzair4
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Default German OMF Aircraft Declares Bankruptcy

OMF GmbH Declares Bankruptcy in Germany
OMF Aircraft Inc. (the North American Company)
Restructuring

The last few years have
been tough on general aviation... even for some of the best and
brightest in the biz. Following up on last week's announcement
of financial difficulties with the highly regarded OMF Symphony
program, we now learn that the German parent company
has filed for bankruptcy protection.

OMF GmbH, of Trollenhagen Germany, the parent company of OMF
Aircraft, declared bankruptcy in Germany Tuesday, December 9. OMF
GmbH, which was established in 1998 and employed 60 people,
produced the two-place single-engine Symphony 160 aircraft and was
developing the Symphony 135D and Symphony 250.

In light of the bankruptcy of OMF GmbH, OMF Aircraft Inc. of
Three-Rivers, Canada has announced its plan to
restructure. The company, which is now controlled by the
Societe Generale de Financement du Quebec ("SGF"), is seeking new
investment partners to provide the funding required to complete its
establishment as a stand-alone aircraft designer and
manufacturer.

Paul Costanzo, President of OMF Aircraft Inc., said, "The
bankruptcy of OMF GmbH is a tragedy. Years of hard work and major
investment have been lost to the Stinnes Group. All of us at OMF
Aircraft feel for the employees of OMF GmbH and the Stinnes Group,
particularly Matt and Derek Stinnes, who have been the visionaries
behind the Symphony product line. We are committed to pursuing that
vision. The seed they have planted here in North America has all
the ingredients necessary to become a very successful
enterprise."

OMF Aircraft plans to
establish its own design, development and continuing airworthiness
capability by recruiting engineering talent primarily within
Quebec, which has one of the world's largest pools of aerospace
talent. The company also plans to resume production in May 2004,
which will provide it the time necessary to transition the civil
aviation airworthiness authority to Transport Canada, and to
complete the establishment of a North American supply base.
Accordingly, the company plans to recall the employees that were
laid-off in November 2003 by May 2004, and to recruit additional
production and production support employees shortly thereafter.

"Our intent is to finalize the new financing as soon as
possible, to resume deliveries against our backlog of over 40
aircraft and to complete of the development of the Symphony 135D
and Symphony 250. We have an outstanding team here in Three Rivers
that is committed to the success of OMF Aircraft," Costanzo
added.

OMF Aircraft manufactures and markets the Symphony 160, a
two-place, high wing, single engine aircraft. Two other aircraft
are in development - the diesel/Jet-A powered Symphony 135D and the
four-place Symphony 250 (formerly known as the Symphony 4).
Symphony aircraft offer what pilots want in personal transportation
- sporty good looks, performance, utility and comfort at an
affordable price. Symphony aircraft from OMF make flying fun
again.

www.omf-aircraft.com


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  #2  
Old December 10th 03, 08:25 PM
Paul Lee
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I can't see how many of these Cesna look-alikes get so much
business in the first place.

(Fitzair4) wrote in message ...
OMF GmbH Declares Bankruptcy in Germany
OMF Aircraft Inc. (the North American Company)
Restructuring

The last few years have
been tough on general aviation... ..

  #4  
Old December 11th 03, 12:13 AM
RobertR237
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In article ,
(Paul Lee) writes:


I can't see how many of these Cesna look-alikes get so much
business in the first place.



You don't know too much about that plane do you? It make have a passing
resemblance to a Cessna but look beyond that and you will find some very
striking differences. It is a very nice aircraft and I hope that they find a
way to pull out of this.

Bob Reed
www.kisbuild.r-a-reed-assoc.com (KIS Builders Site)
KIS Cruiser in progress...Slow but steady progress....

"Ladies and Gentlemen, take my advice,
pull down your pants and Slide on the Ice!"
(M.A.S.H. Sidney Freedman)

 




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