Aircraft firm owes $41m

Insolvent Hamilton aircraft maker Pacific Aerospace has debts of $41 million, a first liquidators’ report says. The liquidators are trying to sell the Hamilton plane manufacturing business after its shareholders were not initially prepared to put any more money into it. So far 30 parties had expressed interest in buying it, both local and international, the report said. In February, Pacific Aerospace (PAL) had its Civil Aviation Authority (CAA) certificates suspended because it was insolvent and unable to meet its obligations under the Civil Aviation Act. But the CAA said aircraft produced by Pacific Aerospace would be able to continue flying despite the company’s financial situation. The companywas placed into interim liquidation by the High Court on February 12.