Emivest teeters on the edge of bankruptcy | Aviation International News

Emivest teeters on the edge of bankruptcy

Emivest Aerospace, manufacturer of the SJ30 light jet, is less than two months away from liquidation under the terms of the Chapter 11 bankruptcy protectio

By Charles Alcock • Managing Editor

December 6, 2010

Emivest Aerospace, manufacturer of the SJ30 light jet, is less than two months away from liquidation under the terms of the Chapter 11 bankruptcy protection that it filed for in a U.S. court on October 20. The company has until January 14 to find a buyer to avoid winding up under Chapter 7 rules. Any prospective buyer would have until February 4 to complete the deal.

The former Sino-Swearingen company has a strong Dubai connection, with an 80-percent stake in it having been acquired by Emirates Investment & Development in June 2008. The Dubai group renamed the San Antonio, Texas-based firm and pledged to provide at least $150 million in fresh investment (and potentially up to $1 billion).

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