About 30 investors have expressed an interest in acquiring New Zealand-based Pacific Aerospace Limited (PAL), a shareholder report by the company’s liquidators said on 14 April.
According to the report, PAL – manufacturer of the CT-4 military trainer aircraft – owes its unsecured creditors about NZD41.2 million (USD29.5 million) and secured creditors NZD1.7 million.
“The liquidators have entered into a competitive international sale process by way of tender for the sale of [PAL’s] business and/or assets. This sale process has been advertised and has resulted in 30 parties expressing interest, both local and international, engaging with the liquidators,” the report added.
The report said that PAL is half owned by Chinese-owned BAIC International (Hong Kong) and half owned by the New Zealand shareholders of Pacific Aerospace Group.
In February Janes reported New Zealand’s Civil Aviation Authority (CAA) had suspended certificates previously awarded to PAL because the company was insolvent and unable to meet its obligations. The CAA said that PAL is currently in “financial distress” but that its aircraft can continue flying.
The CAA said it had also issued notices to operators of PAL aircraft, explaining that they will be able to continue operating the company’s aircraft unless a “serious safety or airworthiness issue” is identified, which would affect all aircraft of that type.
Liquidators were appointed to find a buyer for PAL in March.
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