iscover
Australia looks set to lose control of the Petth based Eagle light aircraft programme following an offer of $5.25m from the project's Malaysian pattners who now wish to make the venture entirely Malaysian owned. Details of the offer will go before an AGM of Eagle Aircraft Australia Ltd shareholders in early March though at presstime was expected to be accepted as the company has incurred significantdebts that make eventual profit targets difficult to achieve. Development and initial production of the aircraft will for the time being remain in Perth though will ultimately transfer to Malaysia as soon as sufficient production expettise has been gained.
Newsdesk- General Aviation
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The Eagle Has Crashed?:
Perth’s Eagle Aircraft Australia, developer of the EagleXT-S composite light aircraft, appears to have its dream to put the aircraft into production shattered with news that the company is critically short of funds and is now fully dependent on its Malaysian co owners for working capital. The Malaysian connection was established in 1990 to rescue the company then, and current investors face the prospect of realising less than six cents per $1. 00 share without having had any dividends in the meantime. The company has managed to survive a series of cash crises over the years. It has built a single XT-S prototype which was first flown in 1988. Original plans called for production to start in 1989 but this has not yet happened and now probably won’t.
The Champ Is Back:
After more than a decade out of regular production, some of the former Champion/Bellanca range of high wing two seat taildragger light aircraft are on offer once again.
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