Late last week, the parent company of Cedar City, Utah-based Metalcraft Technologies purchased the assets of the SJ30 light jet program from Emivest Aerospace for $3.5 million in cash. Emivest filed Chapter 11 bankruptcy last October. The deal also involved a $1.17 million debtor-in-possession financing contribution from UK-based Action Aviation, operator of one of the four SJ30s currently flying and a distributor of the aircraft, and Metalcraft’s promise to honor a $1.688 million customer deposit on one of the four aircraft currently under construction. The sale gives Metalcraft the SJ30 program assets, including $40 million in inventory and the aircraft under construction, free and clear of all debt. It also excuses it from past contractual obligations, including long-term debt and leases on Emivest production facilities in West Virginia and San Antonio, Texas. Metalcraft is a supplier to various aircraft OEMs and supplied 70 percent of the sheet metal and the aft fuselage for the SJ30. According to various business data reporting services, the company has annual revenues of less than $10 million and employs 120. Metalcraft CEO David Grant is in San Antonio this week discussing the future of the program and could not be reached for comment.
Metalcraft Buys SJ30 Assets for Only $3.5M
- April 12, 2011, 11:00 AM