PROPRIETARY First Equity Copyright 2018 © First Equity Group, Inc. – 41 – First Equity Development Restructuring Assignment: Columbia Aircraft Manufacturing • Columbia Aircraft Manufacturing Corp., formerly Lancair was founded in 1995 to develop a fully FAA certified composite engine aircraft • The Company was primarily funded by the Government of Malaysia • The Company succeeded in certifying two models and in selling more than 600 units between 1999 and 2007 • Despite sales success the Company remained unprofitable and a consumer of cash • In the autumn of 2006 a new Board of Directors assumed responsibility for the Company. They retained ING to analyze strategic alternatives. ING recommended the hiring crisis management consultancy. Bridge working with First Equity was one of three firms considered and hired in February 2007 • Bridge’s/First Equity’s mandate was to preserve cash and enhance value • Bridge/First Equity were able to preserve $16+ million of cash against prior management’s forecast • Ultimately in December 2007 the Company was sold to Cessna