Kuebler Seeking Investors As Company Heads To Full
Insolvency
Have rumors of Thielert
Aircraft Engine's imminent exit from the engine-making business
been greatly exaggerated? The troubled German manufacturer would
like us to believe so... and announced Wednesday it has a "full
head of steam" to resume full production, even as the clock counts
down to full insolvency proceedings.
"With immediate effect, the company can once again supply the
Thielert Centurion 2.0 engine in large quantities," Thielert said
in a statement to ANN.
As ANN reported, production
at Thielert came to a halt in April 2008, after the company was
forced to petition for insolvency due to questionable financial
practices by company founder Frank Thielert.
Dr. Bruno Kuebler was named the provisional insolvency
administrator assigned to the case... and, to the consternation of
Thielert's largest customer, Diamond Aircraft, rejected the London,
Ontario planemaker's attempts to secure engines and spare parts for
its existing fleet of TAE-powered DA40 tdi and DA42 aircraft, as
well as planes now on the assembly line.
At last month's Berlin Air Show, Diamond accused Kuebler of acting against
Thielert's best interests... and being interested only
in bilking more money from customers and investors, by insisting on
cash payments up front for parts, ahead of the enginemaker's
eventual closure.
Kuebler offered a different take, saying Diamond tried to
purchase engines for cut-rate prices. His comments also implied
Diamond had its own interests in seeing Thielert fold, due to the
development of a competing piston diesel engine by Austro Engines,
an Austrian subsidiary of Diamond.
In addition to Diamond, other manufacturers -- including Cessna,
which suspended the introduction of its much-anticipated Centurion-powered 172TD --
suffered due to Thielert's woes... and Kuebler says the company is
sorry for that.
"We very much regret that losses were incurred because of the
company’s insolvency," Kuebler said. "I am pleased that we
can now supply Thielert customers with engines and spare parts once
again."
Meanwhile, Kuebler has commissioned an international auditing
company with compiling figures required for the process of
recruiting investors. This report is to be completed this week.
Next week, Kuebler plans to approach "the more than fifty
prospective buyers" about purchasing the company.
"An investor who is capable of securing the existence of the
company on a long-term basis at the Lichtenstein and Altenburg
locations and continues to develop the company's leading position
on the market for diesel piston engines should get the nod,"
Kuebler said.
Kuebler stressed Thielert's operations will continue, even as
the company enters full insolvency proceedings by the end of
June.
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