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Posted on 01/10/2003 8:48:42 AM PST by narby
LANCAIR RAMP UP BEGINS
The Lancair Company on Monday completed a buyout of the company's smaller shareholders, the next step in the reorganization and refinancing of the company. The process was to have been completed by Christmas, but holiday schedules interfered with the process, delaying it until this week, said Lancair President Bing Lantis. Completion of the financial transaction that will infuse significant cash into the company should be completed in a few weeks. In the meantime, the company has received bridge financing to begin ramping up production. Sixty people are currently at work at the Bend, Oregon, factory, and another 50 are scheduled to return to work Monday. The first new airplanes will be delivered in February, according to Lantis. The company is not saying how much financing will be available, but Lantis said it was more than has been invested in the company since its inception.
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