While Chinese company China Aviation was the highest bidder for the assets of bankrupt aircraft-maker Epic Air, a surprise deal is keeping control of the Bend company in the U.S.
Under the new collaboration, LT Builders Group will team up with the Chinese company to revive Epic Air.
In a surprise role reversal, a colorful group of experimental-plane builders, who appeared outmaneuvered last week by high-bidder China Aviation, will team with the Chinese aerospace subsidiary. Together the Americans and Chinese will pay $4.3 million for Epic's assets, yielding money and business for creditors, jobs in Bend at a revived venture, support for existing Epic aircraft owners and a means for amateur builders to complete their planes.
"We did it!" said pilot and businessman Daryl Ingalsbe, an LT Builders Group manager, flashing thumbs-up as he left the courtroom. "We kept control of this wonderful company in the United States."
Read the full story at OregonLive.com.