Full Head of Steam for Engine Production at THIELERT

PRESS RELEASE

Lichtenstein/Saxony, June 18, 2008 – The insolvent Thielert Aircraft Engines GmbH (THIELERT) has resumed full production of aircraft engines. With immediate effect, the company can once again supply the THIELERT Centurion 2.0 engine in large quantities.

Production at THIELERT initially came to a halt in April 2008 for a short period after the company was forced to petition for insolvency proceedings at the end of the same month. The company’s provisional insolvency administrator – Bruno M. Kübler – then focused his efforts on getting the company’s production back on track. After spare parts production and supply was secured already three weeks ago, the company is now able to fully participate on the market again with its engine production.

This resumption of production was preceded by intensive negotiations with creditor banks and suppliers. As a result, the THIELERT suppliers began delivering once again. THIELERT is able to produce up to eighty engines per month – almost as many as before being forced to apply for insolvency proceedings.

Numerous customers had suffered from the stop in production at THIELERT due to the insolvency. “We very much regret that losses were incurred because of the company’s insolvency,” stressed Kübler. “I am pleased that we can now supply THIELERT customers with engines and spare parts once again.” For its newly manufactured engines, THIELERT provides customers with a full warranty of quality (guarantee) in accordance with EU regulations. THIELERT also focuses on prolonging the life span of important components.

Kübler, the insolvency administrator for THIELERT, commissioned an international auditing company with compiling the comprehensive figures required for the process of recruiting investors. This report is to be completed this week. Next week Kübler will approach the more than fifty prospective buyers in order to determine suitable investors as part of a multi-phase process and then begin concrete purchase negotiations. “An investor who is capable of securing the existence of the company on a long-term basis at the Lichtenstein and Altenburg locations and continues to develop the company’s leading position on the market for diesel piston engines should get the nod,” said Kübler.

Kübler expects to see the opening of the respective insolvency proceedings at the end of the month. The company’s business operations will be continued to the full extent even in the course of these proceedings.

About Thielert Aircraft Engines GmbH:
Thielert Aircraft Engines GmbH is the leading provider of certified kerosene piston aircraft engines for general aviation. As a certified development, manufacturing and maintenance aviation enterprise, the company was the first in the world to be approved for a kerosene piston engine.