Bankrupt Emivest Seeks Chinese Buyer
Emivest Aerospace has had its court-administered Chapter 11 bankruptcy protection extended through midsummer while it tries to complete the sale of the com
Emivest Aerospace has had its court-administered Chapter 11 bankruptcy protection extended through midsummer while it tries to complete the sale of the companyπs assets to an entity owned by the Chinese government. Attorneys for the maker of the SJ30 light jet successfully petitioned the U.S. Bankruptcy Court in Delaware to give the company until May 18 to file a formal bankruptcy reorganization plan and until July 17 to gain creditor acceptance of it. Emivest filed bankruptcy on October 20 last year and has been operating on a reduced scale with debtor-in-possession financing.
The company said it needs the extra time to maximize "the value of the debtorπs estate through the sale process" to the benefit of "all parties of interest."
