We have received a note from Superior Air Parts saying, in effect, pay no attention to the troubles with Thielert Aircraft Engines, which has filed for insolvency in the aftermath of falling share prices. Company founder Frank Thielert and the firm's CEO were ousted earlier this month amid allegations of illegal accounting practices. Speculation was that Superior, a sister company of Thielert Engines, would be affected.
No so, says the company. "Superior Air Parts is continuing normal operations. Superior...is owned by Thielert AG and is not directly involved with these procedings."
In Austria, according to Thielert, "The insolvency plan shall be presented to the court and all creditors by the new appointed executive board and the interim insolvency administrator until the opening of the insolvency proceeding. A successful continuation of business in the insolvency plan proceeding is required."