Interesting Numbers Out Today over at ANN:
For those of us who are following the bankruptcy court sale of Bend, Oregon's Columbia Aircraft, there is some stunning news out today in a very good article by Aero-News Network's Contributor Rich Belzer. Here is the headline...which screams for you to know more:
Aero-Analysis: Is Columbia BeingYou really want to know more, and here it is from ANN's Belzer:
Sold' For Only $1.5 Million?
A Breakdown Of The PSA SuggestsIf you have been following the story of the Columbia Aircraft bankruptcy, you probably have seen numbers ranging from $14 to $24 million reported in the press. But let's take a look at the actual Purchase and Sale Agreement (PSA), recently executed by Cessna and Columbia Aircraft with an eye toward understanding what Cessna has offered to pay for the most important assets, the FAA Type Certificates for both the Columbia 350 and Columbia 400 and the tooling needed to manufacture these aircraft.
That Columbia Aircraft Is Being
'Sold' For $1.5 Million
Here are the numbers:
– The PSA states an approximate aggregate purchase price of $24.5 million.
– $12.5 million to be paid for inventory. This includes raw materials, work-in-process, finished goods, demonstration materials, etc… This amount would be reduced dollar-for-dollar should a pre-closing inventory reveal a lower actual value.
– $2 million to be paid to Garmin, a portion of their pre-petition claims.
– $4.3 million to cover aggregate claims for E-Vade (anti-ice) installations for which customers have already paid.
– $4.2 million to cover aggregate potential warranty claims for existing customers.
Belzer concludes his crunching of the numbers with this:
Add it all up and you get $23 million leaving only $1.5 million for Columbia Aircraft's crown jewels: its Type Certificates and tooling.So get over to ANN right now and read this entire story, it is a good one: Use this link to access ANN.