The Czech Government has approved the sale of a stake of around 34% of financially troubled jet-trainer manufacturer Aero Vodochody to a strategic partner. The successful bidder is due to be announced by 2 April.
A sale to a foreign investor is not ruled out, although some within the Government have hinted at a preference for a domestic buyer. Czech chemical and arms conglomerate the Chemapol group has expressed an interest, while also in the running are: the Cimex trading company ; CSACzech Airlines in alliance with Boeing; Dassault; Lockheed Martin; and Saab.
Aero Vodochody is pinning its hopes for a recovery on its flagship L-159 light jet trainer, now in the final stages of development. It already has an order for 72 aircraft from the Czech air force. The Government has approved a CKr3.3 billion ($123 million)package to help clear the company's debt and state shareholders have agreed to underwrite a CKr2.5 billion share issue as part of the sell-off.
The company is presently 44%owned by the state Aero Holding group, with another 32% in the hands of state-owned Konsolidacni bank.
Source: Flight International