Bidders Showing Interest In Thielert Engines

The insolvency administrator overseeing the affairs of Thielert Aircraft Engines (TAE) indicated he was encouraged by interest shown in the German manufacturer, with some offers already in hand and more expected.

Initially, 24 potential investors signed nondisclosure agreements to more closely inspect the company's books and programs. That group included a mix of financial investors and industrial buyers. Now, the first companies have submitted nonbinding letters of intent, spelling out their plans for TAE and the price they would be willing to pay.

The office of insolvency administrator Bruno Kubler acknowledged last week that several letters of intent are in hand, but would 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. The company manufactures the Centurion series of engines ranging from 135 to 350 horsepower, designed specifically for installation on new-production general aviation aircraft or for retrofit on older GA models.

The administrator initially set a deadline of Aug. 22 for expressions of interest, although that has since been waived. Several more LOIs are expected to be delivered in the next two weeks, according to one official close to the process. The insolvency administrator next will review the various offers and narrow the field down to a few prospects.