Kuebler Calls Planemaker's Statements "Noise"

It's about to get ugly... well, make that uglier... in the ongoing, bitter battle between Austrian/Canadian aircraft manufacturer Diamond Aircraft and Germany's Thielert AG. Diamond announced Friday it may form a bidding group to take control of the troubled enginemaker after it files for insolvency.

According to Reuters, Diamond expressed interest in forming a partnership with other general aviation aircraft manufacturers that similarly rely on Thielert's diesel powerplants. "One could form a consortium with Cessna and Piper and take over Thielert," Diamond CEO Christian Dries said, adding the planemaker is willing to invest nearly $79 million in such a partnership. "One could also bring in a financial investors."

Dries admitted initial talks with potential investors haven't been successful, but he still believes an investor could be found to purchase Thielert outright, then lease its assets back to such a consortium.

Representatives with Cessna and Piper Generalvertretung Deutschland AG, the German unit of Piper Aircraft, declined to comment on the matter... but Bruno M. Kuebler, the insolvency administrator charged with sorting out the ruins at Thielert, definitely had some choice words about what he called a "syndicate."

"As the officially appointed insolvency administrator, I have a clearly defined mission: to achieve the best possible outcome for the creditors, the company, and also its employees," Kuebler said. "Anyone who tries to exert public pressure in hopes of gaining an advantage will not get far.

"On the other hand, everyone is perfectly welcome to participate in the bidding process," he added. "In the coming week, I will be meeting with more than 50 prospective buyers, and will go through the various steps of identifying which of them are suitable investors. Only then will I be able to begin concrete purchase negotiations. Ultimately, the winner will be whoever tenders the most favorable bid -- not the one who makes the most noise."

Kuebler then added that despite industry reports of an approximately $158 million pricetag for Thielert, he has yet to establish a price for the enginemaker's assets. He called such claims "an ongoing disinformation campaign."

FMI: www.thielert.com, www.diamond-air.at/