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Superior City Council Pays Off $2.66 Million Kestrel Loan
Sometimes you need to move forward. One of those forward-looking steps for the Superior City Council was to pay off the $2.66 million bond that they had secured on behalf of Kestrel Aircraft Company in 2012 - when the company was trying to build a manufacturing plant in the city; that deal dissolved when the company s leadership had a dispute with the State of Wisconsin. The move to pay off the bond was approved by the Superior City Council at their meeting on March 2.
The plans for Kestrel Aircraft and Superior were large in scope. Details released by the Superior Telegram show that there had been a promise of 600 jobs at a plant where Kestrel would build its K-350 model - a turboprop, carbon composite airplane . Kestrel had been making payments on the $2.66 million bond it had secured until October 2015. Since that time, the company has been in default on the loan.
Superior City Council Pays Off $2.66 Million Kestrel Loan
Sometimes you need to move forward. One of those forward-looking steps for the Superior City Council was to pay off the $2.66 million bond that they had secured on behalf of Kestrel Aircraft Company in 2012 - when the company was trying to build a manufacturing plant in the city; that deal dissolved when the company s leadership had a dispute with the State of Wisconsin. The move to pay off the bond was approved by the Superior City Council at their meeting on March 2.
The plans for Kestrel Aircraft and Superior were large in scope. Details released by the Superior Telegram show that there had been a promise of 600 jobs at a plant where Kestrel would build its K-350 model - a turboprop, carbon composite airplane . Kestrel had been making payments on the $2.66 million bond it had secured until October 2015. Since that time, the company has been in default on the loan.
Superior pays off $2.6M Kestrel Aircraft loan early
Superior was still responsible for repaying the bonds it had taken out on the company’s behalf after the company filed for bankruptcy. 12:00 pm, Mar. 4, 2021 ×
Kestrel Aircraft Co. CEO Alan Klapmeier speaks during a press conference about the Kestrel airplane at the Superior airport in 2012 as then-Wisconsin Gov. Scott Walker, left, and then-Superior Mayor Bruce Hagen listen. Klapmeier, also the co-founder of Cirrus Aircraft, resigned as Cirrus CEO in 2019. (File / Superior Telegram)
The Superior City Council closed the chapter on Kestrel Aircraft Company on Tuesday, March 2.
The company had hoped to revolutionize the general aviation industry by building its K-350 a turboprop, carbon composite airplane in Superior, creating 600 jobs. Kestrel announced it would be building its manufacturing facilities in Superior in 2012. They were never built.
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