A New Angel For Commander?
After Tiger Aircraft pulled out of a deal to acquire Commander Aircraft Co. in July, things were looking pretty bleak for the bankrupt Bethany, Okla., company. But last week, Pilot General Aviation LLC offered to pay $2.8 million for an 80 percent share of the company, the Oklahoman reported on Saturday. The bankruptcy court has given Commander's parent company, Aviation General, until the end of the month to complete the deal. If the deal falls through, the court will order liquidation of the company on Oct. 1. The company said in a statement on Tuesday that it plans to restart production of the Commander 115 and turbocharged Commander 115TC, with deliveries scheduled for the first quarter of 2005, according to the Oklahoman. About $2 million of the cash influx will go to repay creditors, and the rest will serve as capital for the company to emerge from bankruptcy and resume aircraft production. The production line has been idle for the last two years. The agreement stipulates that the directors of Commander and Aviation General would step down, but would retain Wirt Walker, Aviation General chief executive officer, as a consultant for one year. The Commander 115 is a high-performance, single-engine, four-place aircraft.