Compass Aerospace Corp

Compass Aerospace Corp., a Santa Ana-based maker of plane parts and manufacturing kits, sold its Trim Engineering group of companies in the United Kingdom to a joint venture for about $44 million. Compass said it plans to use proceeds from the sale to reduce its senior secured debt. The British group consists of Mayflower Aerospace and Rail Systems, Lloyds TSB Development Capital and Bridgepoint Capital.

Compass Aerospace Corp., a Santa Ana-based maker of plane parts and manufacturing kits, has disclosed that it won't be able to make a $4.7-million interest payment due Sunday. The company's difficulties in meeting its debt obligations prompted its outside accountants, Ernst & Young LLP, to question whether Compass can continue as a going concern, according to its annual report, filed earlier this month with the Securities and Exchange Commission. Compass, which logged operating losses of $17.

Compass Aerospace Corp., a Santa Ana-based maker of plane parts and manufacturing kits, has disclosed that it won't be able to make a $4.7-million interest payment due Sunday. The company's difficulties in meeting its debt obligations prompted its outside accountants, Ernst & Young LLP, to question whether Compass can continue as a going concern, according to its annual report, filed earlier this month with the Securities and Exchange Commission. Compass, which logged operating losses of $17.

Compass Aerospace Corp., a Santa Ana-based maker of plane parts and manufacturing kits, sold its Trim Engineering group of companies in the United Kingdom to a joint venture for about $44 million. Compass said it plans to use proceeds from the sale to reduce its senior secured debt. The British group consists of Mayflower Aerospace and Rail Systems, Lloyds TSB Development Capital and Bridgepoint Capital.

* Long Beach-based Compass Aerospace Corp., which renegotiated bank loans in March because it couldn't meet original terms, said it hired investment bank Donaldson, Lufkin & Jenrette Inc. to help explore alternatives. The closely held maker of plane parts and manufacturing kits didn't say whether it's considering a merger or sale. Compass also promoted John Reimers, who joined the company in March as chief operating officer, to chief executive.

* Douglas Solomon has been appointed chief executive of Compass Aerospace Corp., succeeding Alexander Hogg, who resigned last week. Compass, a Long Beach-based maker of precision parts for the aerospace industry, said Hogg left to pursue other business interests. Solomon, a Compass board member, was managing director of Macluan Capital Corp. The company also appointed John Reimers executive vice president and chief operating officer.

* Long Beach-based Compass Aerospace Corp., which renegotiated bank loans in March because it couldn't meet original terms, said it hired investment bank Donaldson, Lufkin & Jenrette Inc. to help explore alternatives. The closely held maker of plane parts and manufacturing kits didn't say whether it's considering a merger or sale. Compass also promoted John Reimers, who joined the company in March as chief operating officer, to chief executive.

* Douglas Solomon has been appointed chief executive of Compass Aerospace Corp., succeeding Alexander Hogg, who resigned last week. Compass, a Long Beach-based maker of precision parts for the aerospace industry, said Hogg left to pursue other business interests. Solomon, a Compass board member, was managing director of Macluan Capital Corp. The company also appointed John Reimers executive vice president and chief operating officer.