Sat, Jul 17, 2004
Aviation General Announces Default By Tiger Aircraft
The deal to bring Commander and Tiger aircraft models together
under one roof has failed.
Aviation General, Incorporated has been informed that Tiger
Aircraft, LLC and/or its affiliates, members, and investors, which
include a subsidiary of Teleflex Incorporated and various Taiwanese
investors ("Tiger"), will not honor their commitment(s) pursuant to
the executed Stock Purchase Agreement and court confirmed financial
reorganization Plan for Commander Aircraft Company, Aviation
General's wholly owned subsidiary.
Commander tells ANN that, "Tiger offered no reason, explanation,
or justification for their default. In fact, Tiger had repeatedly
assured interested parties, including the Federal Aviation
Administration, the aviation media, our past and present employees,
our shareholders, and our executives that they intended to honor
their commitment(s). Aviation General and Commander fulfilled all
prerequisites required for the closing of this investment
transaction, including, respectively, a long and costly shareholder
approval process and the attainment of a court confirmed financial
reorganization Plan that would have allowed Commander to exit from
Chapter 11.
Based on our Agreement
with Tiger and their continued reassurances and public
pronouncements of their commitment(s) during the past year, we have
not sought other investors. Consequently, our company's future is
uncertain, and new aircraft production will continue to be
suspended indefinitely. We plan to continue to conduct our aircraft
sales, brokerage, service, and refurbishment business. We also will
seek qualified investors and/or merger opportunities with parties
wishing to be part of a new corporate ownership structure."
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