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Tue, Aug 10, 2004

Safire Finance Deal Tanks

Company Still Closed

Safire Aircraft Company's prospects appear to be dimming. A month after announcing that funding from the Persian Gulf would allow it to reopen, the check's not in and the doors are still locked.

The South Florida Business Journal says that the money Safire President Camilo Salomon said was coming from the United Arab Emirates has not materialized. Work was supposed to have restarted last month. But workers are still idle, still due back pay, according to the Journal. They also add that Salomon is bankrupt and $13 million in debt, according to the paper.

Safire was reportedly set to exhibit its wares at AirVenture 2004 in Oshkosh last month. But the company canceled on July 21st, according to EAA spokesman Dick Knapinski.

FMI: www.safireaircraft.com

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