Century Jet Awaits Cash

"The airplane business is a hell of a business, and it's been one hell of a year to be in that business."

That's how Century Aerospace chairman and president Bill Northrup looks back on the 12 months since NBAA 2000. A year ago Century Aerospace was on the verge of rolling out its finance and production plans for the CA-100 Century Jet. By the first weeks of this year the mood was still upbeat as Century announced it had acquired the Alliance Aerospace facility in Macon, GA, that was previously owned by TRW Aeronautical Systems and provided major components for Boeing aircraft.

With its 250,000 square feet of manufacturing and processing space, Century Aerospace hoped to maintain Alliance's status as a major aerostructures manufacturer. The plant would also be home to the final design and assembly of the CA-100.

However, in a move that stunned Bill Northrup, the ground was pulled from under his feet when he was hit with an eleventh-hour decision by the bank that robbed him of any funding.

So Century was shelved, and Northrup's operation was forced to seek Chapter 11 protection. Foreclosure by the banks led to the shutdown of Alliance in July, and Century's headquarters, which had moved from Albuquerque to Macon in February 2001, was transferred again, this time to Ellicottville, NY.

"Now things have moved on and the future for the Century Jet is looking better than it ever was, better than it has done for the last three years," Northrup told Show News. "We are talking to one airframer and two financial backers--equity people. But until you have the money, it's all just talk.

"Looking back, it was a mistake to go to NBAA all those years.

"It's far better to go with a type certificate, something you can show people and convince them with, rather than spend the $250,000 it costs to go to a convention. That money would be much better spent on the aircraft."

Northrup is now talking with three groups of potential investors.

"I cannot tell you how real they are until we have signed a deal," he says, "but I do know the aircraft is a great aircraft and it deserves to get built. I have a design and engineering team of 20 guys who are still working on it, when they are funded.

"But until you have so many millions you can't tool-up and build. And I don't want to build models; I want to build an aircraft on as close to the production tools as I can get.

"I haven't been having much fun lately, but I'm not going to quit."

-Robert Hewson