Thielert Seeks Investors, Starts Insolvency Process

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A German court officially commenced insolvency proceedings against Thielert Aircraft Engines GmbH last week, the company said in a news release. The proceedings will not affect the company's business operations, but signaled the launch of efforts to find a new investor for the company. "An investor who is capable of securing the existence of the company on a long-term basis at its business locations and continues to develop the company's leading position on the market for diesel piston engines should get the nod," said Bruno Kubler, the court-appointed insolvency administrator. "Of course, the purchase price also plays a role." Kubler already has written to more than 50 prospective buyers, asking them to respond by July 16 if they are interested. Kubler said negotiations then could be completed as soon as September.

He added that no information will be released regarding prospective investors or the state of negotiations until a deal has been brought to a successful conclusion.