Aircraft
Cirrus Restructures ND Debt, Presses On with Jet

Cirrus has restructured more than $13 million worth of loan and lease obligations related to its Grand Forks, N.D. production facility with that city’s Growth Fund. Cirrus employs approximately 90 people in Grand Forks who make composite component parts for its SR-series piston aircraft, which are then shipped to the company’s assembly line in Duluth, Minn.

Since 1996, Grand Forks has issued various bonds and loans in support of these activities, including construction of more than 160,000 sq ft of facilities. Cirrus made no loan or lease payments to Grand Forks during the second half of last year while negotiating the restructuring, talks Cirrus CEO Dale Klapmeier characterized as “tough but fair.”

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