There´s hope, yet, for Thielert Aircraft Engines to survive, even though the company filed for insolvency in April.
Initially, 24 potential investors signed nondisclosure agreements to more closely inspect the company´s books and programs. Those included a mix of financial investors and industrial buyers. Now, the first companies have submitted nonbinding letters of intent, spelling out their plans for the company and price they would be willing to pay. The insolvency administrator´s office acknowledges several letters of intent are in hand, but will not confirm either names of potential investors or their number.
Although the offers in hand are still nonbinding, prices being put forward are within the range the insolvency administrator was hoping to get for Thielert, which manufactures the Centurion series of diesel engines ranging from 135 to 350 horsepower, designed specifically for new and older general aviation airplanes.
The administrator initially set a deadline of Aug. 22 for expressions of interest, although that has since been waved. Several more letters of intent are expected to be delivered in the next two weeks, says one official close to the process.
The insolvency administrator will then review the various offers and narrow the field down to a few prospects. Due diligence proceedings will then start with those entities. No deadline has been set for when talks are to be concluded.