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Evergreen Aviation Confirms Financial TroublesSalem-News.com
Evergreen International Aviation, Inc. CEO Del Smith confirms in a press release, that Evergreen's business, "has been adversely impacted over the past several years by decreased demand in military spending and weakness in global economic markets."
(MCMINNVILLE) - Oregon's longtime aviation pioneer, Delford M. Smith, confirms rumors that his facility, Evergreen International Aviation, Inc., headquartered in McMinnville, is financially impacted by a rollback in federal defense spending.
With reported ties to groups like the Central Intelligence Agency, Smith built a fortune supplying civilian aircraft and crews for military roles in what many describe as the clandestine air force, "Air America."
Known for buying large parcels of property in the McMinnville area, an ambitious style of political maneuvering and real estate procurement have earned Smith his fair share of critics.
In more recent years the facility developed an aircraft museum, taking possession of the world's largest airplane, Howard Hughes' Spruce Goose. The most recent addition is a waterpark with a huge airliner mounted atop.
Smith confirms in a press release, that Evergreen's business, "has been adversely impacted over the past several years by decreased demand in military spending and weakness in global economic markets."
He says management has moved to aggressively address these challenges, including through the divestiture of businesses and assets and the significant reduction of secured debt.
"Evergreen is in discussions with its significant constituencies and is exploring available strategic alternatives with those constituencies."
Smith says the company is not ceasing operation, contrary to reports.
"While Evergreen generally does not comment on market rumor or conjecture, rumors that a decision has been made to cease operations at this time are false. Evergreen remains committed to continuing to address the current business environment with its customers."
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