Sat, Aug 16, 2008
Owners To Have Say In Outcome Of Enginemaker's Insolvency
This week, a German court administering the bankruptcy of
aircraft-engine manufacturer Thielert AG has named The Thielert
Engine Owners Group (THENOG) to the seven-member creditor
committee. The committee, made up of major creditors, will help the
court direct the outcome of the Thielert insolvency.
"This was our goal for THENOG when we started the group in May,"
said THENOG board member Dr. Todd House, President of YourJet LLC,
an air taxi company in Louisville, KY operating a Diamond DA42 with
Thielert Centurion 2.0 engines.
After Thielert declared bankruptcy in May, the engine
manufacturer canceled warranties on its engines and nearly
quadrupled prices for spare and replacement parts, grounding many
Thielert-powered aircraft and rendering the remainder uneconomical
to operate.
The Thielert Engine Owners Group was formed in
June, and is already working with the FAA and EASA to
delay or eliminate what they term "multiple" and "unnecessary" ADs
issued by Thielert. The group is also working with aircraft
manufacturers and Thielert to improve support and upgrade options
for Thielert-powered aircraft.
Every Thielert owner has already benefited from substantial
operating cost saving due to the efforts of the group, said Vilis
Ositis, a founder of THENOG. "Our position on the Thielert
Creditor’s Committee dramatically increases our ability to
bring value to our members," he said.
"Through our advocacy on the creditors committee and our legal
standing with the German Insolvency Court, we can accelerate the
process of bringing relief to owners of aircraft that use Thielert
engines," House added.
The International law firm of White & Case represents the
group in the insolvency proceeding.
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