Cirrus Design has filed a lawsuit against L-3 Avionics Systems aimed at stopping the spread of scuttlebutt that Cirrus is teetering on the edge of bankruptcy. L-3 Avionics sued Cirrus for $21.7 million last year after a deal for cockpit systems fell apart. Cirrus’ suit against L-3 alleges that the Grand Rapids, Mich.
While defining the SF50 Vision personal jet program as the company’s top priority, Cirrus president and CEO Brent Wouters yesterday told order holders that he did not know when the $1.72 million jet would enter service, based on the current funding levels.
Although Cirrus Aircraft fielded a large display at EAA AirVenture last week in Oshkosh, Wis., notably missing from the Cirrus exhibit area and Cirrus’s press conference was cofounder and board chairman Alan Klapmeier. Now the Cirrus board of directors has decided not to renew Klapmeier’s contract and to seek a new chairman when his term expires at the end of this month.
Alan Klapmeier, chairman of Cirrus Aircraft, has formed a team to raise funds to try to buy the Vision SF50 single-engine personal-very-light-jet program from Arcapita Bank, the majority owner of Cirrus. “I feel comfortable that we can do this,” said Klapmeier.
L-3 Avionics Systems is seeking $21.7 million in a lawsuit against lightplane maker Cirrus Design over the cancellation of an order for SmartDeck cockpit systems and money allegedly owed for Stormscope and other stand-alone products.
Alan Klapmeier, chairman of Cirrus Aircraft, has formed a team to raise funds to try to buy the Vision SF50 single-engine jet program from majority Cirrus owner Arcapita Bank. “I feel comfortable that we can do this,” said Klapmeier. “Obviously it’s a difficult time to be raising capital, but that means more focus on funding better projects.
On the eve of the annual Cirrus owner migration event in Duluth, Minn., Cirrus chairman Alan Klapmeier announced today that he has assembled a team to acquire the aircraft manufacturer’s Vision SF50 single-engine jet program from majority owner Arcapita Bank. We talked with Klapmeier to get more details about this interesting development and find out why he’s proposing to do this.
Duluth, Minn.-based Cirrus Design yesterday said it continues to refine the design of its SJ50 Vision single-engine jet and released more detailed preliminary performance and specifications numbers.
The Duluth, Minn.-based manufacturer of four-place composite piston singles is number two in the marketplace for piston airplanes, but it is fast gaining ground on Cessna, the number-one piston airplane OEM. According to GAMA statistics, Cirrus Design in 2001 accounted for 11 percent of all piston airplanes built by GAMA members and Cessna about 42 percent. In 2002, Cirrus jumped to almost 28 percent while Cessna dropped to 35 percent.
On-demand air-taxi firm SATSair on Tuesday signed a letter of intent with Cirrus Design to add five Cirrus Vision SJ50 jet singles to its fleet. SATSair, which currently operates 26 Cirrus SR22s, will integrate the single-engine jets into its operations–following the SJ50’s expected certification in 2010–as a hybrid to its Southeastern whole-airplane charter network.