Thielert: Diamond Guilty Of Disinformation

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The bankruptcy firm overseeing the insolvency of Thielert Aircraft Engines used the Berlin Air Show to blast Diamond Aircraft for what it calls a "disinformation campaign." Bruno Kubler, whose firm is handling the bankruptcy, said he understands why Diamond customers are upset, but the "current disconcertion on the part of the customers is attributable to a disinformation campaign initiated by the airplane manufacturer Diamond Aircraft. In the past few days Diamond repeatedly let it be said that I was not very cooperative in negotiations and did not seem very interested in securing the TAE business in the long term." Kubler said that Diamond's claim is "a blatant misrepresentation of the facts. In actual fact, Diamond offered to buy a large number of engines and spare parts but at a price considerably lower than the price that would be charged to the end customer."

The firm has said that German bankruptcy laws prevent it from negotiating favorable prices with any creditors and he said Diamond hasn't directly responded to a counterproposal from Thielert. Nonetheless, Kubler conceded that Thielert has a rough go ahead of it. "I do not want to kid you about anything," he said, "when a company is restructured, customers and creditors sometimes have to make some painful compromises. And I naturally understand that the fact that we have to demand higher prices than in the past is not easy for the customers. The advance payment system, however, is fair and transparent and is based on the mandatory principle of German insolvency law that all customers and creditors are treated equally." He accused Diamond of trying to make customers feel "massively insecure" and for "playing poker at the expense of the customers." Kubler said a number of investors have expressed interest in buying Thielert and talks are set to begin sometime in June and are expected to take several months. Kubler also says it has proposed to Diamond a means of resuming shipments and deliveries of parts completed engines. Kubler also reported that it has shipped some parts and engines to customers who were "relieved" to get them. For full statement, see Thielert.com. We contacted Diamond for a response, but the company said it would comment later in the week.