Vision Technologies Aerospace has terminated its asset purchase agreement with Pemco World Air Services, as reported in AIN in June. VT Aerospace intended to acquire Pemco’s Tampa aerospace facility and other assets. The decision to terminate the agreement was made after the seller could not fulfill certain conditions before the closing deadline.
Singapore Technologies Engineering’s (ST Engineering) Vision Technologies Aerospace (VT Aerospace) has made a successful bid for Pemco World Air Services and certain assets including the Boeing 737 freighter conversion supplemental type certificates. The company paid $49.7 million at a bankruptcy auction, a price that includes VT Aerospace’s assuming liabilities estimated at $6.2 million. A spokesman for the company declined to detail the specifics of the liabilities.