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Sat, Sep 22, 2007

Columbia Aircraft Rejects Whitelaw Buyout Offer

Accepted Another Deal As 'Time Ran Out'

ANN REALTIME REPORTING 09.22.07 1845 EDT: ANN has learned the Malaysian owners of Columbia Aircraft Company has rejected a buyout offer from a team of potential purchasers, led by Aerospace Entrepreneur Granger Whitelaw (best known as the CEO of the Rocket Racing League), to acquire the entire Columbia company and associated assets.

Sources involved in the negotiation tell ANN the company "ran out of time" in negotiations... and had to accept an offer, from an as-yet-unreported entity, that had a late-Friday deadline.

What that means for Columbia Aircraft Company... current and future customers... and the company's employees in Bend, OR... remains to be seen.

ANN confirmed earlier this week the identity of Textron, the parent organization overseeing the mighty GA manufacturer Cessna, as one of the interested parties for Columbia's assets. 

It is not known whether Textron was the winning bidder.

FMI: www.flycolumbia.com

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