A Wonderful Little Airplane May Be Making Its Final Approach

The ongoing descent of a once-promising GA manufacturer continues as Bethany, OK's Commander Aircraft Company has proceeded from the protection of Chapter 11 bankruptcy (which would have allowed for reorganization) to a seemingly final Chapter 7 liquidation. The move was pushed by a secured creditor who apparently couldn't see eye to eye with Commander Boss Wirt Walker, who has been presiding over the decline of this company for several years. Wirt Walker III was the Chairman, President, and CEO of Aviation General, Inc., the holding company for Commander Aircraft Company, and Strategic Jet Services, Inc., which shut down in the latter part of 2002.

The Commander 114/115 line was lauded throughout the industry for it's comfort, handling and stability; but was also seen as overpriced, poorly marketed, and modestly supported in the years since Walker reportedly took a more direct role in the company. They built some 200 airplanes over a decade (from '92 to '02) before the market softened, and the company found itself with few sales prospects. While Walker blamed 9/11 for their doldrums, companies like Cirrus, Diamond, Lancair and Cessna saw their fortunes improve -- in some cases, dramatically.

Walker continues to insist that while the company may be gone, that there is still a future for the Commander series and he is entertaining offers for the assets. There were two close calls for Commander in the last year where parties appeared to be ready to buy in and rescue the company. Each deal involved an investment of some $2.8 million in exchange for an 80 percent share of the business. In both cases, the deals appeared to be all but done, but fell apart at the last minute.

Commander filed Chapter 11 protection in December of 2002, claiming some $3.7 million in debts. A reorganization plan was approved last year but was, ultimately, unsuccessful. The original Commander 112 single-engine line was introduced by Rockwell International Corp. in 1972, producing some 1100 airframes. Commander picked up the single engine series from Gulfstream Aerospace in 1988 and immediately set on an upgrade path that extensively modernized the airframe. 

FMI: www.commanderair.com