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The key creditor of the Czech aircraft manufacturer Let is deciding this week whether to file for the company's bankruptcy. Let owes around $50 million to Konsolidacni Banka (KoB) and cannot make interest payments. Unless adequate financing is secured or a new board is installed, KoB has warned it will likely file for bankruptcy. BAE Systems could provide an offset deal for Gripen fighters as a way out, and is negotiating with KoB, but rules out direct financial involvement. Israel Aircraft Industries has also expressed interest in Let's Loadmaster work.
The key creditor of the Czech aircraft manufacturer Let is deciding this week whether to file for the company's bankruptcy. Let owes around $50 million to Konsolidacni Banka (KoB) and cannot make interest payments. Unless adequate financing is secured or a new board is installed, KoB has warned it will likely file for bankruptcy. BAE Systems could provide an offset deal for Gripen fighters as a way out, and is negotiating with KoB, but rules out direct financial involvement. Israel Aircraft Industries has also expressed interest in Let's Loadmaster work.
The key creditor of the Czech aircraft manufacturer Let is deciding this week whether to file for the company's bankruptcy. Let owes around $50 million to Konsolidacni Banka (KoB) and cannot make interest payments. Unless adequate financing is secured or a new board is installed, KoB has warned it will likely file for bankruptcy. BAE Systems could provide an offset deal for Gripen fighters as a way out, and is negotiating with KoB, but rules out direct financial involvement. Israel Aircraft Industries has also expressed interest in Let's Loadmaster work.
L e t's f u t u r e in h a n d s o f c r e d i t o r
ANDREW DOYLE/ MUNI CH
GRAHAM WARWICK/WASHINGTON DC L ET KUNOVICE'S largest creditor is to decide this week whether to file a bankruptcy peti- tion against the cash-strapped Czech aircraft manufacturer, which has been forced to cease pro- duction due to financial problems. The Ayres-owned company owes the Konsolidacni Banka (KoB) around 2 billion Czech crowns ($50 million), and cannot meet interest payments. One sav- iour might be BAE Systems, which could place offset work with Let as NEWS IN BRIEF CORRECTION Due to a production error, the last sentence of the News Analysis, "Global Hawk to partner U-2 " (Flight International, 29 August-4 September) was not printed. The last sentence should read: The Sensor Craft would be the aircraft component of a fully integrated intelligence surveillance and reconnais- sance system to also include ground-based space assets. LOCKHEED-NASA ALLIANCE Lockheed Martin and NASA plan to establish a joint Prop- ulsion, Thermal and Metro- logy Center at NASA's John Stennis Space Center, Missis- sippi, next year. The centre will produce propulsion sys- tems for thrusters, thermal control systems and calibrate test equipment and tools. part of its campaign to sell Saab Gripens to the Czech air force. KoB demanded that adequate financing be secured by 4 September if Let was to continue as a going concern, and insisted that Ayres install a new board at Let's 31 August annual general meeting - a meeting Ayres cancelled, KoB says, claiming mere were "no new can- didates" for the board. "If the two conditions are not fulfilled and the company is not put back on track, more than likely die bank will be forced to take serious measures, one of which could be filing a petition for bankruptcy," KoB warns. "Ayres has not suc- ceeded in stabilising die company nor in securing financing." Ayres admits it "quit putting money into Let" in July, when KoB cancelled a standstill agreement on debt repayment, and is "not clear what will happen". The US com- pany plans to build its Loadmaster at Let, but production of the cargo aircraft is a year away, while sales of Let's L-410 commuter aircraft can- not support die factory. "Let cannot exist on sales of the 410. Loadmaster is essential for Let to survive," says chairman Fred Ayres, who is prepared to transfer production to Poland or Romania. BAE is negotiating with KoB on Ayres' behalf, but rules out finan- cial involvement. "We're working with die odier parties to see i f mere is a way of finding a solution," it says. An offset deal for Gripen could provide a way out, and KoB says it "considers BAE a suitable partner" and is negotiating "on its participation". Ayres says Israel Aircraft Industries (IAI) is interested in Loadmaster work, and hence Let, "but not Let by itself. KoB met with IAI last mondi. Ayres plans to meet with IAI again this week. J Au s t r a l i a ' s Ai r 8 7 c o m p e t i t i o n s l i p s t o M a r c h R E-LAUNCH OF Australia's Air 87 armed reconnaissance helicopter competition could slip to March as the requirement is reconsidered as part of an ongoing defence policy review. The Department of Defence had planned to restart the project with the release of new tenders on 30 June, but missed the deadline. The Australian Government shelved the*initial competition in January after a successful appeal against die shortlist by Bell. The Air 87 project office requested permission from defence minister John Moore in mid-June to restart the bidding, but this was deferred for possible consideration by the cabinet in early August. The plan was also dropped pending the outcome of die defence white paper. In late June, head of rotary wing and missile profects in die Defence The A129 is competing for the AirSl order Material Organisation, Gunnar Tuisk, wrote to Agusta, Bell, Boeing and Eurocopter advising that the new tenderwas potentially delayed for up to three weeks. Redrafting could take at least two months, say Australian analysts. The decision to defer the tender release until after the white paper is published raises the possibility of significant requirement changes leading to a further reworking of the documentation. Prior to the Bell appeal, Australia shortlisted the Agusta A129I Scorpion, Boeing AH-64 Apache and Eurocopter Tiger for the 25-30 aircraft requirement. U K a n d Au s t r a l i a c o n t i n u e t a l k s w i t h U SA o v e r e x p o r t e x e m p t i o n s U S ARMS EXPORT control reforms to improve interop- erability with NATO allies took effect on 1 September as negotia- tions continue with the UK and Australia on more sweeping exemptions designed to promote closer military and industrial co-operation. The first reforms to take effect are new types of licences which "reduce the number of times an exporter has to touch the US Government for authorisation", says Greg Suchan, principal deputy assistant secretary of the State Department's bureau of political- military affairs. Also taking effect are new rules which allow US companies to pro- vide deeper in-country mainte- nance and training. All the new measures apply to the NATO allies, Japan and Australia. The UK and Australia are the first to be offered an exemption from export controls similar to diat already granted to Canada. Other countries are likely to follow, says a senior state department official. Congress has moved to restrict the granting of such exemptions, but ' the official believes the agreements eventually reached with Australia and the UK will comply with Congressional guidelines. FLIGHT INTERNATIONAL 5 - 11 September 2000 5