Hope this isn't the end for the creators of such remarkable planes as the A-10 Thunderbolt II and the Do335 Pfeil (one prop in the nose, another on the tail). ----- Original Message ----- From: "Bill Hough" <psa188@juno.com> To: <AIRLINE@LISTSERV.CUNY.EDU> Sent: Wednesday, April 03, 2002 09:04 Subject: NYTimes.com Article: Jet Builder Announces Bankruptcy in Germany > This article from NYTimes.com > has been sent to you by psa188@juno.com. > > > /-------------------- advertisement -----------------------\ > > > Presenting the reloadable Starbucks Card. > > The Starbucks Card is reloadable from $5 - $500. Fill it up. Use > it. Use it. Then, fill it up again. > https://www.starbucks.com/shop/reload.asp?ci=672 > > \----------------------------------------------------------/ > > > Jet Builder Announces Bankruptcy in Germany > > April 3, 2002 > > By PETRA KAPPL > > > > > FRANKFURT, April 2 - Fairchild Dornier, the No. 3 builder > of regional and business jets and the heir to two venerable > aviation names, filed for bankruptcy protection from > creditors today, saying it had run out of cash. > > The company, owned by the German insurer Allianz > (news/quote) Capital Part ners and the American investment > firm Clayton Dubilier & Rice, has been trying for months to > line up a strategic partner to help it bring to market a > 70-seat jet it has been developing since 1998. But only in > the last few weeks has the company said publicly that it > was in talks with possible partners to shore up its > finances. The talks failed to yield a deal in time to > forestall the bankrupt cy filing, which was forced on the > company by solvency requirements in German law. > > If Fairchild collapses, it will leave the regional jet > business to just two manufacturers, Bombardier of Canada > and Embraer (news/quote) of Brazil. The fourth major > entrant, BAE Systems (news/quote) of Britain, said last > fall that it would exit the market. German newspapers > reported that Boeing (news/quote) had been among those > talking to Fairchild; Boeing told Bloomberg News that it > would not comment. > > Hours after Fairchild's filing was officially received in a > district court in Weilheim, the German economics ministry > said it would help keep Fairchild in operation to avoid job > losses. It offered no specifics. > > The company's main operations, with 3,600 workers, are > based at Oberpfaffenhofen, Bavaria, near Munich, reflecting > its descent from Dornier Luftfahrt, a German airplane > builder bought by Fairchild in 1996. The company has 700 > workers in the United States, mainly in San Antonio. It has > not yet decided whether to file for Chapter 11 protection > in the United States, the company's managing director, > Thomas Brandt, said at a news conference today. > > Fairchild Dornier, whose sales have lagged far behind the > two industry leaders, ran into trouble by underestimating > the cost of developing the new jet, the 728JET, analysts > said. The company said it had 125 firm orders for the new > jet and would press on with development despite the court > filing. The prototype is scheduled to make its first flight > in August. Fairchild's only current production model is the > 32-seat 328JET. > > Dornier and Republic Aviation, an American predecessor of > Fairchild, built warplanes for opposing sides in World War > II, planes that met in combat over Europe. > > http://www.nytimes.com/2002/04/03/business/worldbusiness/03JETS.html?ex=10 18846272&ei=1&en=8d4f1ff6e72485a3 > > > > HOW TO ADVERTISE > --------------------------------- > For information on advertising in e-mail newsletters > or other creative advertising opportunities with The > New York Times on the Web, please contact > onlinesales@nytimes.com or visit our online media > kit at http://www.nytimes.com/adinfo > > For general information about NYTimes.com, write to > help@nytimes.com. > > Copyright 2002 The New York Times Company