Metalcraft Emerges as Bidder for SJ30 Maker Emivest
The SJ30 twinjet saga has taken another interesting twist in the wake of last year’s bankruptcy filing of the aircraft program’s current owner, Emivest Aerospace. The parent company of one of the SJ30’s airframe parts suppliers, Metalcraft Technologies of Cedar City, Utah, has emerged as a “stalking horse” bidder for Emivest’s assets and has submitted a purchase agreement to buy the manufacturer for $7.625 million. A stalking horse bidder is selected by the bankrupt company to set a minimum price for assets in an attempt to dissuade “low ball” offers. Another bidder for the company is likely to emerge by the bankruptcy court’s March 11 deadline for bids. The U.S. Bankruptcy Court for the District of Delaware will hold a sale approval hearing March 15. Metalcraft is a supplier to major aircraft and defense companies, including Boeing and Northrop Grumman. However, it has also been a supplier to several failed general aviation programs, including the Safire very light jet and the Freight Feeder light cargo turboprop. An earlier deal to have Emivest’s assets acquired by China Aviation Industry General Aircraft (Caiga, also known as Avic General Aviation) did not close. Cirrus Aircraft announced yesterday that it is being acquired by Caiga.