Kaiser Aircraft Industries - Abama Aircraft Industries performs maintenance work on military aircraft in Birmingham, Friday, February 4, 2010. Employees work on board the Strato tanker. (Birmingham Press Photo by Linda Stelter)
Abama Aircraft Industries Inc. won bankruptcy court approval on Thursday to sell to a deep-pocketed buyer, raising hopes of 325 jobs at the aircraft overhaul company at Birmingham-Shuttleworth International Airport.
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A U.S. bankruptcy judge in Delaware approved the proposed sale of the company to Virginia-based Kaiser Group Holdings in a hearing that began Thursday morning. Boeing and Birmingham Airport Authority objected.
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Boeing cited its asserted rights as a joint venture partner, and the airport's lessor said it could not guarantee that hangar and office leases would be met. Not even a victory.
Now Kaiser will take over for $500,000. The firm — primarily a financial firm with investment interests in other companies and funds — said it plans to keep the former Pemco.
"Kaiser will be in Birmingham next week to meet with management and staff to plan for the future," said Ron Aramin, CEO of Abama Air. "Kaiser intends to continue as a maintenance and modification company for military and commercial customers."
This is an opportunity to start over at a well respected Birmingham company (formerly Hayes Aircraft and Pemco Aeroplex). The company filed for Chapter 11 bankruptcy protection in February, citing roughly $70 million in unpaid pension benefits from the UAW. These commitments are covered by a government-overseen bailout fund.
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The tough times began in 2007, when the company lost its $1.1 billion KC-135 contract with Boeing. Abama Aircraft last reported financial results in August 2010, reporting a quarterly loss of $21,000 on revenue of $11 million.
Kaiser Group has more resources. The company's assets include a 20% stake in Bly Tot Fitness, the gym operator that HF bought at a deep discount on secured loans when it emerged from its own bankruptcy in 2009.
Kaiser owns a $10 million stake in Paulson Gold Fund LP, an investment partnership run by John Paulson, No. 39 on the 2011 Forbes list of the world's richest people.
The director of the Kaiser Group is W Street veteran Michael Tenenbaum. The investment group he heads bought a large stake in abama Aircraft in 2001, saving it from an earlier crisis. One of his investment funds, abama Aircraft, is owed $2.5 million.
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Shares of abama Aircraft are still frequently traded on the Pink Sheets trading system. After Kaiser buys the assets, the company could be liquidated, rendering the stock worthless.
We may receive compensation if you purchase a product or register for an account through one of the links on our site. BIRMINGHAM, Alabama -- A sprawling hangar complex on the main runway at Birmingham-Shuttlesworth International Airport could help Alabama's largest city make a comeback as aviation takes off in the region, economic developers believe.
Lastly operated by Kaiser Aircraft Industries, the 1.8 million square foot complex sits on 180 acres near Interstate 20/59, just minutes from downtown Birmingham. The hangar has 10 bays, each 160 feet wide and 725 feet deep, with 40-foot ceilings and a 1-foot-thick concrete floor. The complex features a paint shed, storage, office and more.
The commercial facility was originally operated by Hayes Aircraft Co. and later Pemco Aeroplex, has a long history in aviation, serving as a maintenance, repair and overhaul (MRO) operations center for decades. When Pemco operated the facility a decade ago, it had 2,300 employees and had a contract with the military for C-130 Hercules transport planes and KC-135 tankers.
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The former Kaiser Aircraft facility occupies 180 acres at Birmingham-Shuttleworth International Airport and features 10 large hangars, a paint shed and more. (Photo: Bob Farley/F8Photo.org)
“We see the potential for this facility to serve multiple areas in aerospace,” said Jeff Traywick, senior project manager at the Birmingham Business Alliance (BBA). warehouse, paint hangar, with direct access to the runway. But given the size of the facility, it could also be used for production or destruction operations.”
The vacant Kaiser hangar complex gave the BBA something it never really had — a large, affordable piece of real estate to market to airlines. That's exactly what a team from Birmingham Airport Authority, the region's main economic development organization, and the city did this week at the Paris Air Show, the industry's most important trade event of 2015.
“It has dimensions—the width and height of the board is fine, depending on the size of the process you need,” Traywick said. “It has a bead blaster so you can remove the exterior paint of the plane. The paint library is fantastic. It’s a huge asset. And you have safe, direct access to the 12,000-foot runway.”
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Ogden Deaton, senior vice president at commercial real estate firm Graham & Co., said the Kaiser hangar complex could accommodate one or more tenants as the property's owner, Birmingham Airport Authority, prepares for subdivision. The hangar alone occupies 1.2 million square feet.
“In terms of size and flexibility, this is a unique facility that is ideally suited for many types of aerospace companies that need to expedite their operations on accelerated schedules,” Deaton said. Catalyst of influence in an industry with huge growth potential."
Aeronautics and aerospace is a new focus for Birmingham, with an economy centered around medical services, banking and insurance, and logistics. In addition to the Kaiser facility, aerospace assets in the Birmingham area include Southern Research, whose engineering team has experience in testing advanced materials, and Diehl Aerospace, which has an avionics facility in Shelby County.
Timing has a lot to do with Birmingham's aerospace push. Later this year, Airbus will begin assembling the A320 family of planes at a new $600 million factory in Mobile in an effort to accelerate aviation growth in the state and beyond. Airbus will employ 1,000 people at the Alabama manufacturing center, and suppliers and service providers are expected to create an additional 4,000 jobs.
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Meanwhile, the aviation industry in the Southeast is expanding. Boeing continues to expand its operations in South Carolina, where it assembles the 787 Dreamliner. Honda builds its business jets in North Carolina, while Embraer is building an assembly plant for its midsize business jets in Florida. Aircraft and spare parts became Georgia's largest export product.
In Alabama alone, aerospace companies announced 1,200 new jobs and nearly $220 million in new capital investment in 2014, according to the Alabama Department of Commerce. Last year, the state unveiled projects from Lockheed Martin, GE Aviation and 10 other aerospace/defense companies.
"The Kaiser facility is now available at a time when we're seeing a lot of activity in the Southeast," Traywick said. "That could be a big advantage for us."
The institution's home, Birmingham-Shuttlesworth, has undergone several recent improvements. Most notable is the $201 million terminal modernization project, which includes the addition of a federal checkpoint to allow the airport to handle international flights.
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Rick Davis, the BBA's vice president for economic development, said Birmingham has other strengths that could help recruit aerospace companies. On the one hand, Birmingham has an extensive transport network, with six interstates and three railways. Plus, the cost of living in the city is more than 10% lower than the national average.
"The ability to build things is something we've had for generations," Davis said. "It's in our DNA. We've been building stuff for over 100 years. It's what we do."
Alabama may be small, but it has the capacity to build businesses that want to succeed. Learn why companies like Mercedes, Airbus, Hyundai and Honda decided to call Alabama home. Bama Aircraft Industries. Maintenance work is performed on a military aircraft on February 4, 2010 in Birmingham, Alabama. (Linda Stelter, Birmingham News)
Birmingham-based abama Aircraft Industries has been rescued from bankruptcy by a Kaiser Group Holdings unit, which is expected to save 325 jobs at the aircraft restoration company at Birmingham-Shuttlesworth International Airport.
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Efforts to get in touch with abama Aircraft CEO Ron Aramin were unsuccessful Monday afternoon, but Kaiser officials said they plan to bring more commercial customers to the Birmingham operation and "rescue and create numbers in the Birmingham, Alabama area." Hundreds of jobs".
"We are excited about KAII's prospects for significant growth and profitability," Kaiser President and Chief Executive Officer Doug McMinn said in a statement.
Terms of the deal were not disclosed on Monday, but Caesars said in a prepared statement that it had acquired a "substantial" stake in the company.
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