Opus Aircraft deal delayed as seller seeks experienced buyer
A deal to sell Opus Aircraft LLC, a Rockingham County manufacturer of
light sport aircraft, has been delayed because the sellers want to make
sure they are handing off the company's assets to an experienced buyer
that wants to revive the venture, according to Iron Horse Auction Co.
officials.
Plans to sell off Opus Aircraft LLC were first announced late last year by Iron Horse, which planned a sealed bid auction that generated interest but did not result in a deal.
The company's assets, which are valued at more than $8 million, are being auctioned off after two Triad businessmen, Frank Auman Jr. and Tony Dawson, purchased an Ohio company in 2004 to begin making light-sport aircraft out of the Shiloh Airport in Rockingham County.
Thomas McInnis,
the chief operating officer of Iron Horse, said the sale has not been
finalized at this point because the sellers are looking for a
sophisticated buyer with the knowledge and skills to revive the company.
"It’s a highly technical, highly regulated purchase. Because of that,
it's going to take a very sophisticated buyer," McInnis said. “So now
you’ve narrowed the field from very wide to very thin. It’s not for
someone who does not have the knowledge, skills and experience in the
industry."
The company produced a two-seat airplane aimed at novice pilots
called the ARV Super 2, which was designed for flight training and
recreational flying. The airplane was developed in the 1980s in England
by Sir Richard Noble.
McInnis said the sellers are now working with some interested buyers,
but he did not have a timeframe for when the deal would be completed.
Sources:
http://www.bizjournals.com
Iron Horse Auction: http://ironhorseauction.com
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