Emivest Aerospace is hoping to sell its assets and liabilities - both estimated to be in the range of $50-100 million - to the highest bidder before its debtor-in-possession funding expires on 10 February.
The airframer filed for Chapter 11 bankruptcy protection on 20 October, securing $4 million in financing from Counsel RB Capital and EAI Capital to keep its operations intact for a short duration until a buyer can be found for its SJ30 business jet line.
Four SJ30s have been built and delivered to date, two by Emivest in 2009 and two by the former owner, Sino Swearingen. In bankruptcy filings, the company claims to have a five-year backlog for the $7.25 million twinjet.
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Emivest says it has been contact with "as many as 15 potential purchasers or long-term investors, many of which have expressed a genuine interest" in purchasing the assets of the company. "[We] plan to continue discussions with these parties and will reach out to over 100 other potential purchasers," the company says in the filings.
Requested transaction dates, to be reviewed by the court later this month, include a 14 January 2011 cut-off date for receiving bids and, assuming more than two bids are received, an auction on 17 January.
Source: Flight International
