Jade Air no more???

[camlobe]

Just heard from the office that Jade Air (Shorham, Thruxton and St Neots engine division) have gone to the wall. As we all are aware, Thruxton shut down recently, allegedly due to company streamlining.

If this rumour is true, I am not a happy bunny, as Jade owes me over a grand for warranty work I carried out over a year ago (Superior Millenium cylinder recall). Yes, I have chased M****k hard for it, but have just got fobbed off a number of times with all sorts of promises.

If not true, my apologies for scaremongering.

Anyone else heard anything?

camlobe

[Fuji Abound]

Well they havent been at Shoreham for years now - sold out to MCA - but Thruxton was closed recently as you say.

Millenium are now owned by Theilert arent they?

[smarthawke]

Was it not the Jade Air prop division that went across to MCA? I thought the engine division was still going as Jade Air selling Superior engines (certified and not).

Superior were bought out by Thielert, probably a way of enhancing the use of diesels Stateside.....

[S-Works]

Glad you were not the only one on the end of M****s and Jadeairs false promises.

When I had my old aircraft engine overhauled by them they supplied the wrong carb and a starter motor that was mis-wound. I had to divert t after the starter motor started to burn. They authorized the maintenance company to source a new starter and fit it.

When the bill was forward to them they refused to pay it saying that they would only pay the trade cost for the starter and nothing for the labour. They wriggled for a couple of years over that. The same over the carb, they supplied one that was completely different to the one originally fitted (no accelerator pump) and set to lean. Same story rectifying that.

I know I am not alone on the catalogue of problems so perhaps this is finally the knock on effect.

[smarthawke]

Continuing the Thielert/Superior link, this was on Avweb yesterday:

'Diesel aircraft engine maker Thielert AG's board of directors has removed founder Frank Thielert as chief executive amidst a cash crisis that's prompted a sell-off of shares to raise $24.4 million Euros to cover immediate needs. The company's shares have plummeted in value in recent months in response to a court decision that nullified its financial statements for the years 2002-2005. The engine maker's shares dropped to 3.17 Euros in trading Friday. Last July they hit 25.22 Euros. The board has also removed 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."

After the court ruling last month, Thielert delayed release of its 2007 financial statements saying it needed more time to do them. That caused a freefall in share value and precipitated the current crisis. We'll have industry reaction from Sun 'n Fun in coming issues.'


http://www.avweb.com/avwebflash/news/FrankThielert_Ousted_ThielertAG_197611-1.html

[IO540]

the company has booked relatively high sales and profit, but never has had good cash flow."

An old wise saying is: "in business, cash is king, everything else is conjecture".

I guess Thielert booked the sales invoices (correctly according to accounting practice) but failed to make provision for liabilities.

[Ginger_muffwigg]

Just heard from the office
Which office would that be then? It's quite a statement to make without quoting a source.

[Ginger_muffwigg]

I take it the lack of reply to the previous question is similar to 'I made it up to get my bill paid'
I thought we had courts and things for that in the adult world.

[smarthawke]

Not entirely sure why someone would make it up 'to get a bill paid' but then again in an adult world people pay their bills without having to go to court, don't they?!

[Jon Howard]

I have been following this with some interest. All i can say is things are running as normal at Jade Air as they have for the last 24 years that i have worked there.

Jon Howard
Manager
Jade Air