financial requirements. In April 2008 a stockholder restructuring plan was put on hold and as a result on 24 April 2008 Thielert Aircraft Engines GmbH, responsible for all engine production, filed for insolvency at the Chemnitz County Court. As the situation deepened, the Thierlert board stated on 26 April 2008: "The going concern of Thielert Aircraft Engines GmbH can only be ensured permanently by restructuring activities with the support of investors, due to the fact that the Holding Thielert AG is not capable to do so anymore." The company announced that it would name a new executive board and an interim insolvency trustee. In April 2008 Cessna suspended plans to sell a Diesel-equipped Cessna 172TD as a result of the insolvency. On 1 May 2008 the board appointed a new CEO, lawyer Marcel Kleib and lawyer Achim Ahrendt of Hamburg was appointed to oversee the insolvency proceedings. On 5 May 2008 bankruptcy administrator attorney Bruno M. Kubler issued a letter to company customers indicating that the business would continue to operate producing engines and parts, meet existing orders, to preserve its capability to reorganize. On 14 May 2008 Thielert announced that it would no longer honor existing engine warranties for engines installed in Diamond Aircraft and also dramatically increased the price of parts. Owners who required warranty work were required to pay cash in advance for parts. This announcement caused an immediate negative reaction from Diamond DA42 owners and also from Diamond Aircraft. On 18 June 2008 the company announced that it was resuming production of all its Diesel engine products, with a production target of 80 units per month. Thielert guaranteed the new engines against defective materials and labor, but parts prices remained at the previously announced high levels. On 10 July 2008 Diamond Aircraft announced that it was dropping out of the bidding to purchase Thielert, citing that Thielert withheld key information "vital to the due diligence process", although Thielert disagreed. On Friday 11 July 2008, Thielert issued a press release stating: "the reasons Diamond is presenting for its non-participation are clearly pretext". Thielert implied that Diamond was not a serious prospective buyer and that "Diamond's actions clearly serve the purpose of derogating Thielert's reputation in the naive assumption to be able to subsequently purchase Thielert far under value." As part of its insolvency, Thielert indicated that it would not honor warranties or inspect and replace life-limited parts