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Fri, Jul 31, 2009

Cirrus Jet Sale At An Impasse?

Alan Klapmeier's Efforts To Buy Jet Program Appear Stalled

ANN has been monitoring reports over the last few days of the latest details involved in Cirrus Founder, Alan Klapmeier's, efforts to buy the single engine program that has been under development for a number of years... and seemed to be the aeronautical successor to the highly regarded SR-2X piston line.

Klapmeier has confirmed reports we've gotten over the last 24 hours that seem to show that his attempts to purchase the program are stalled and that the two parties (Arcapita/Cirrus and Klapmeier) appear to be at an impasse.

Despite one published report (which Klapmeier notes to be false) about an announcement about the situation, Klapmeier opines that a solid offer has been made to Arcapita and is surprised that it has not been accepted. "I think we've put forth a solid proposal that is in the best interests of our aims as well as Arcapita's... if there is any movement, I think it will be up to them."

ANN broke the news of Klapmeier's interest and active effort (as shown in the .6.26.09 Aero-TV News Feature below) to purchase the SF50 jet program late last month in an exclusive interview just hours before the official announcement (an announcement that WAS actually made... grin) took place at a Cirrus community pilot gathering in Duluth, MN.

Click Image Above To View Interview

At that time, Klapmeier's team reported that their financial advisers, Merrill Lynch, had been signed to provide the necessary financial horsepower to oversee the money side of the equation.

"The transition into this new company will be basically taking the jet program as it exists today, completing the financing, and moving forward so that we can get this airplane into production," said Klapmeier.

Klapmeier had hoped to be in a position to deliver completed aircraft by the end of the 2012 or early 2013.

ANN is in the process of seeking Cirrus Aircraft comments about the matter and will update this developing story, as soon as possible.



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