...$5 Million Sought, Founders Opt Out...

  • E-Mail this Article
  • View Printable Article
  • Text size:

    • A
    • A
    • A

OMF Aircraft needs to raise about $5 million to complete the restructuring. The Quebec government has already invested in the plant and will end up with a 49-percent interest in the company. Raising the $5 million will trigger the release of $4 million of funds already secured through the arrangement with Quebec. Costanzo said he shouldn't have any problem raising the money. "There's a very high level of confidence that we will be able to secure those funds," he said. The collapse in Germany likely means that Matt and Derek Stinnes, who have been the driving force behind the creation of OMF, will be no longer associated with the project. The Stinnes Group, which they manage, has lost a lot of money, partly because of the rising value of the Euro against the U.S. dollar, and the brothers decided to pull the pin on the airplane company before it started affecting the family business's other interests, said Costanzo. He said the Stinnes have said they will not be investing in the restructured company.