Cirrus Paying Back Rent
One sign that things are looking up in the aircraft business is when cash-strapped companies start getting caught up on their bills, and Cirrus Aircraft took some big steps in that direction this month. This week, the city of Grand Forks announced that Cirrus had paid six months' worth of back rent worth $507,000. That leaves the company 11 months behind for a total of $930,000, but it has promised to get caught up. Cirrus builds composite components at the Grand Forks plant. Cirrus struck a different deal for its base of operations at Duluth.
Last week, the company reached a deal with the city of Duluth to convert $187,500 in back rent into a loan that will be forgiven if it expands operations significantly. Like most GA manufacturers, Cirrus has been hit hard by the recession and cut production and staffing to keep the doors open.