After Long Search, Sino Gets New Investors
Sino Swearingen Aircraft is poised to leave the financial holding pattern it has been in while the Tawainese government sought to sell its majority stake in the company over the past year or so. This afternoon, Action Aviation Investors (AAI) came forward as the new suitor, saying it will make a “major capital investment and acquire a controlling interest” in the San Antonio-based aircraft manufacturer. AAI is a joint venture between UK-based Action Aviation, Sino Swearingen’s largest distributor, and investment group ACQ Capital. According to AAI, the deal ensures that Sino Swearingen will have adequate capital to begin full-scale production of the SJ30 light jet. The company has delivered only two SJ30s–one in the past week–since obtaining FAA certification for the light jet in November 2005. AAI has not announced Sino Swearingen’s new board members or senior management, but said the original Taiwanese investors will continue to have board representation. The transaction is expected to close by the end of next month.