Says Deal Strengthens Airplane Manufacturer
In a move apparently triggered by pressure from creditors,
Mooney Aerospace Group announced Tuesday that it has sold all of
the stock of Mooney Airplane Company to Allen Holding Finance Ltd.,
a private investment company. As part of the transaction in
consideration for the stock, Allen agreed to assume all of the debt
owed by MASG to its secured debenture holders, an amount in excess
of $21 million, and invest $4 million in new capital for Mooney
Airplane Company by July 27, 2004.