Thielert

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Thielert Centurion 1.7 installed in a Cessna 172
Thielert Centurion 1.7 installed in a Cessna 172
Thielert Centurion 1.7 installation in a Diamond DA42.
Thielert Centurion 1.7 installation in a Diamond DA42.

Thielert is a German engine development and manufacturing company. It is headquartered in Hamburg, with additional sites in Lichtenstein, Saxony and Altenburg, Thuringia. It is quoted on the Frankfurt Stock Exchange as a member of the SDAX. All published revenue figures are now under scrutiny by serious fraud investigators. Main unit Thielert Aircraft Engines GmbH declared insolvency on April 24th. 2008 According to the Thielert Holding, a restructuring is no longer possible.[1]

Thielert is most well known as the manufacturer of the Centurion range of jet fuel propelled diesel piston engines for aviation. Two engine models are currently available, the Centurion 2.0 with a power output of either 135 hp (99 kW) or 155 hp (114 kW) (the latter variant is called the Centurion 2.0 S) and the 350 hp (257 kW) Centurion 4.0. A third model, the 230 hp Centurion 3.2 has been announced for as early as 2008, more recent information however indicates that this is likely to be delayed.[citation needed]

Contents

[edit] Products

New built aircraft equipped with Thielert Centurion engines include:


Kits for the installation of retrofit Thielert engines exist for a number of aircraft, including the Piper PA28 and the Cessna 172 for the Centurion 2.0 and the Cessna 206 for the Centurion 4.0.[citation needed]

A Thielert Centurion 2.0 engine also powers a UAV, the General Atomics Warrior, an upgraded version of the MQ-1 Predator.[citation needed]

Thielert is furthermore involved in the market for conventional petrol aircraft piston engines as made by Textron Lycoming and Teledyne Continental via its US subsidiary Superior Air Parts, Coppell, Texas, which designs and distributes (but does not manufacture) spare parts for these engines as an alternative to original spares. Many of these parts, like crank shafts, are made by Thielert for its subsidiary. Superior Air Parts also offers a family of 4 cylinder aircraft engines, ranging in power output from 150 hp up to 250 hp, which are primarily targeted at the homebuilt aircraft market.

A third field of activity is contract engine development and manufacture of engine parts for prototypes and small series for the automotive industry.

[edit] Production

From the start of serial production in 2003 to mid 2007, 2,500 Centurion engines have been made and 1,500 planes are equipped with them. 2007 production rate was about 120 per month.

[edit] 2008 Financial Crisis

On March 6, 2008 Thielert's financial statements for 2003, 2004 and 2005 were nullified by a Hamburg court, on the basis that the company had breached valuation provisions. The company is appealing the decision. [3]

As a result of these events the company's stock dropped to a record low of 3.65 euros from previous highs of 25.22 euros on the German stock market.[3]

Both Cessna and Diamond Aircraft have indicated that there has been no interruption of engines delivered from Thielert.[3]

On April 11, 2008 it was announced that the company Board of Directors had fired company founder and CEO Frank Thielert, as well as Chief Financial Officer Roswitha Grosser. "Anyone who was surprised has been sleeping for the past weeks," Jochen Klusmann, an analyst at BHF Bank in Frankfurt told Bloomberg News. "The bottom line is the company has booked relatively high sales and profit, but never has had good cash flow." The company has sold off 24.4 million Euros to cover immediate financial requirements.[4]

On April 24th it was announced that the board had dismissed "with cause" company founder Frank Thielert and also cancelled his employment contract, due to evidence found during a criminal investigation by the Hamburg Office of Criminal Investigation.[5] The allegations include that false invoices had been written, which were used to boost accounts receivable and create the appearance of a better financial position for the company.[6]

The company's stock price has fallen to 0.36 Euros after having been as high as 25.22.[7]

A stockholder restructuring plan has been put on hold. A company statement said: "Investors which had intended to support the company in the implementation of the planned restructuring package under certain conditions, have informed the company on April 23, 2008 that they are no longer willing to provide such support. The restructuring measures to deal with the company's liquidity crisis, as mentioned in the disclosure announcement of April 9, 2008, therefore cannot be implemented as planned."[6]

On 24 April 2008 Thielert Aircraft Engines GmbH - responsible for all engine production - filed for insolvency at the Chemnitz County Court.[1][8][9]

By April 25, 2008 an attempted sale of shares to improve the company's immediate liquidity had seen those shares fall in value by as much as 14 percent in pre-market trading, as a result of the aircraft engine division filing for insolvency.[10]

As the situation deepened, the Thierlert board stated on 26 April 2008: "The going concern of Thielert Aircraft Engines GmbH can only be ensured permanently by restructuring activities with the support of investors, due to the fact that the Holding Thielert AG is not capable to do so anymore."[11]

Aviation media outlet AvWeb stated: "The very existence of the company is now in question as the insolvency process begins."[11]

The company will name a new executive board and an interim insolvency trustee who will present a plan to creditors. The acceptance of this plan will be crucial to the survival of the company.[11]

The situation at Thielert is of great concern to Diamond Aircraft who currently build aircraft with Thielert diesel powerplants.[11] Competitor Cessna has suspended plans to sell a diesel-equipped Cessna 172TD as a result of the insolvency.[2]

It was announced on 01 May 2008 that the board has appointed a new CEO, lawyer Marcel Kleib. Lawyer Achim Ahrendt of Hamburg has been appointed to oversee the insolvency proceedings.[2] On May 5, 2008 bankruptcy administrator attorney Bruno M. Kubler issued a letter to company customers indicating that the business will continue to operate producing engines and parts. The company will fulfill existing orders to maintain viability and also to preserve its capability to reorganize.[12]

On May 14, 2008 Thielert announced that it will no longer honour engine warranties for engines installed in Diamond Aircraft. Owners who require warranty work will be required to pay cash in advance for parts that they need. This announcement has caused a negative reaction from Diamond DA42 owners. Diamond Aircraft has not yet determined if it is able to honour the warranties in place of the engine manufacturer.[13]

[edit] References

  1. ^ a b Reuters (April 2008). Flugzeugmotorenhersteller Thielert insolvent (German language article). Retrieved on 2008-04-25.
  2. ^ a b c Aircraft Owners and Pilots Association (May 2008). Cessna puts diesel airplane line on ice. Retrieved on 2008-05-02.
  3. ^ a b c AvWeb Staff (March 2008). Thielert Hits Stock Market Turbulence. Retrieved on 2008-03-27.
  4. ^ Niles, Russ (April 2008). Thielert Ousted As CEO. Retrieved on 2008-03-27.
  5. ^ Bertorelli, Paul (April 2008). Thielert's Board is Steamed, and Here's Why That's Not Good. Retrieved on 2008-04-24.
  6. ^ a b Niles, Russ (April 2008). More Trouble For Thielert. Retrieved on 2008-04-24.
  7. ^ Yahoo! Deutschland (April 2008). THIELERT N (WKN 605207) (German language article). Retrieved on 2008-04-25.
  8. ^ Handelsblatt (April 2008). Thielert-Tochter meldet Insolvenz an (German language article). Retrieved on 2008-04-25.
  9. ^ Thielert AG (April 2008). Thielert AG: Subsidiary Thielert Aircraft Engines GmbH filed for insolvency. Retrieved on 2008-04-24.
  10. ^ Brandt, Nadja & Henrietta Rumberger (April 2008). Thielert Shares Plunge 14% After Division Files for Insolvency. Retrieved on 2008-04-25.
  11. ^ a b c d Niles, Russ (April 2008). Thielert Aircraft Engines Files For Insolvency. Retrieved on 2008-04-26.
  12. ^ Marsh, Alton (May 2008). Positive prospects for Thielert, bankruptcy official says. Retrieved on 2008-05-08.
  13. ^ Bertorelli, Paul (May 2008). Thielert: No Warranty Support For Diamond Diesels. Retrieved on 2008-05-15.

[edit] External links

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