Officials associated with various iterations of the struggling OMF Aircraft operation have told ANN that an answer to their financial problems and corporate ills may finally be at hand.

After the bankruptcy of the German parent operation and associated issues with the Canadian manufacturing arm announced just last year, virtually all operations, including the development of a diesel powered two seater and a four-place version of the OMF Symphony, have come to a halt.

Progress is being made, though. The assets of OMF GmbH, the German parent company, have been sold to another German company known as SMW, that is apparently looking for a toehold in the aviation and aerospace market.

At the same time, the assets of OMF Aircraft Company, the North American company based in Three Rivers, Ontario (Canada) have been put up for sale by its secured creditor while a deadline for offers expired on Tuesday, April 13.

Among those hoping to assume the North American operation are the management team from the former North American company, together with an un-named lead investor, who have created a plan with new funding to re-launch the Symphony product line under the name Symphony Aircraft Industries. In the process of assembling their bid, this group went to Germany and returned with a memorandum of understanding with SMW.

The result is that Symphony Aircraft Industries has made a bid on the assets of the former North American company, with a decision expected within days. SAI does note that should they win the bidding process, that they will have to "recruit aggressively" another investor to properly complete the funding of the project. Paul Costanzo, who is leading the new team, commented that, "Regardless of who is the successful bidder for the North American assets, the future of the Symphony product line is secure."

At least two other GA established entities are rumored to have been invited to submit bids for OMF though none has confirmed their involvement, or the details of their bid, at the time this story went to press.

FMI: http://www.omf-aircraft.com