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.
Sino Swearingen SJ30-2
Dubai-based Emivest (Emirates Investment and Development Co.) became the majority (80 percent) shareholder of former Sino Swearingen Aircraft in June when it agreed to pump a minimum of $150 million into the San Antonio, Texas-based aircraft manufacturer to restart and accelerate production of the $7.5 million SJ30 light jet. Last month at the NBAA Convention in Orlando, Florida, it renamed the company Emivest Aerospace.
The saga of Ed Swearingen’s 9,250-pound, twin-engine Fanjet, announced in 1986, continues. Emirates Investment and Development Company PSC (Emivest) of Dubai, UAE, the majority owner of Sino Swearingen Aircraft (SSAC), would-be manufacturer of the SJ30 light jet, took the bold step of changing the name of the enterprise to Emivest Aerospace.
Sino Swearingen Aircraft Corp. is now known as Emivest (Emirates Investment and Development Co.) Aerospace, it was announced this week at the NBAA Convention. Dubai-based Emivest became the majority (80 percent) shareholder of the San Antonio-based aircraft manufacturer in June, when it agreed to pump a minimum of $150 million into the aircraft manufacturer to restart and accelerate production of the SJ30 light jet.
The Sino Swearingen Aircraft Corporation, manufacturer of the SJ30 light jet, announced a name change yesterday. Here at NBAA, Emirates Investment and Development Company (Emivest) of Dubai, United Arab Emirates, now the majority shareholder of Sino Swearingen, announced that Sino Swearingen will now be known as Emivest Aerospace Corp.
The Sino Swearingen SJ30-2 light business jet is appearing in public for the first time since Dubai investors agreed to pump at least $150 million into the company.
Dubai-based Emirates Investment & Development (Emivest) on June 4 obtained U.S. approval to acquire an 80-percent stake from the Taiwanese government in San Antonio-based Sino Swearingen Aircraft. An Emivest spokesman told AIN the remaining 20-percent share will be held by the Taiwanese government, as well as SJ30 designer Ed Swearingen and original investor Douglas Jaffe.
The Sino Swearingen SJ30-2 seven-place entry-level jet is making its debut here at NBAA ’02. Having arrived last Friday from the company’s San Antonio, Texas facility, the SJ30-2 will be on static display (No. 16) at Orlando Executive Airport through Thursday. Though Sino Swearingen has brought a prototype SJ30 to previous NBAA conventions, the SJ30-2 currently displayed is the first flying example of the production aircraft.
Dubai-based Emirates Investment & Development (Emivest) yesterday obtained U.S. approval to acquire an 80-percent stake from the Taiwanese government in San Antonio-based Sino Swearingen Aircraft. According to a Emivest spokesman, the deal to buy the manufacturer of the SJ30 light jet will formally close in the next few days.
Hamish Harding, owner of Sino Swearingen SJ30-2 Serial No. 7 and chairman of Action Aviation, is here at the EBACE static display showing off his airplane’s attributes. The company, based at London Luton Airport, is an SJ30-2 distributor. Two SJ30-2s are currently flying, but production is on hiatus pending further funding of the program. Harding has logged 400 hours in SJ30-2s thus far. Serial No. 7 has logged 98 hours.
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