With the credit crunch cutting off traditional sources of capital, investors from business aviation's newest markets are fast emerging as the best hope for cash-starved independent aircraft manufacturers.
At NBAA, Emirates Investment and Development, the new Dubai-based 80% shareholder in Sino Swearingen, relaunched the long-troubled maker of the SJ30 light jet as Emivest Aerospace, promising to start full-scale production at the San Antonio, Texas factory as soon as possible. Just two SJ30s - the fastest light jet on the market - have gone into service.
Emivest Aerospace chief executive Anthony Power said at the show that the investment house had looked at other opportunities in the business aviation sector but "we did not see anything else suitable to kickstart Emivest Aerospace".
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The Russian owners of AAI Acquisition, which bought the liquidated assets of Adam Aircraft earlier this year, say the company is on track to have the A700 very light jet certificated by the first half of 2010.
The company has four A700s prototypes built under the previous ownership, and chief executive Jack Braly says it needs $200 million more from its investors to take the twinjet to production. He estimates that the Denver-based manufacturer will break even around 2012 when it will be building one aircraft a week. It plans to increase its workforce of 200 to around 500 in a year's time.
The shareholders, Industrial Investors and Kaskol - which also runs Moscow air taxi operator Dexter - are "providing funding as we go, but are committed for the long term".
Grob Aerospace chief executive Niall Olver said last week that he has signed a memorandum of understanding with an unnamed backer to rescue the German maker of the SPn all-composite light jet, and was confident of concluding the deal within a week.
Meanwhile, as reported in last week's Flight International, Piaggio Aero boosted its chances of funding the development of a second type alongside the P180 Avanti twin-pusher after Indian conglomerate Tata announced it was joining Abu Dhabi investment company Mubadala as a "co-primary shareholder" in the Italian airframer.
The company, in which the Ferrari and Di Mase families continue to hold a combined one-third stake, plans to use the additional investment to increase Avanti production and target emerging markets, including India.
Source: Flight International
