The diesel engines produced by Thielert in Germany have made inroads in general aviation aircraft, with installations in both Cessna and Diamond airplanes. But the company has run into multiple financial problems — as AVweb recently reported, CEO Frank Thielert has resigned as CEO, though he will remain with the company as chief operating officer. An extensive report published this week in Defense Industry Daily details the timeline of recent events at Thielert, as well as various interpretations of those events put forth by the company and investigators. The company has faced multiple challenges in recent months as stock values plummeted and cash reserves were depleted.
The company said recently it is working to address its “liquidity crisis” and expects to restore “positive cash flows” by early 2009. AVweb‘s sister publication, Aviation Consumer, features a report on GA diesels in this month’s issue.
