Former Swearingen company sold
Martinsburg, W. Va., plant may be closed
A federal bankruptcy judge in Delaware has approved the purchase of the assets of Emivest Aerospace, the former Sino Swearingen manufacturer of the SJ30 business jet, by Metalcraft Technologies (MTI) of Cedar City, Utah. The company made the tail section of the SJ30, according to a report in the San Antonio Express-News.
MTI has worked with Boeing, Northrop Grumman, Lockheed Martin, and The Nordam Group. There are also reports that Emivest Aerospace is attempting to sell the manufacturing building sitting on leased land at the Martinsburg, W.Va., airport. An airport official there has confirmed to The Journal, a Martinsburg newspaper, that bids on the building are expected soon by Emivest officials. The official, Eastern West Virginia Regional Airport Authority Chairman Rick Wachtel, told the newspaper that his board refused a request from a New York City law firm to give up its right to approve a change in ownership of the building.
The reported offer includes $3.5 million in cash and nearly $1.7 million in payments associated with one of the SJ30 jets in production. Creditors have in the past objected to any sale prior to their getting paid. The deal was approved April 7.
April 7, 2011