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Saviour Emivest looks for salvation

Saviour Emivest looks for salvation

Emivest Aerospace, a UAE-based company that bought 80% of the assets of struggling Sino-Swearingen Aviation in 2008 with the hopes of revitalising the company´s lone project, the SJ30 business jet, is now searching for a saviour of its own. Four SJ30s have been built and delivered to date, two by Emivest in 2009 and two by the former company.An additional three to four aircraft were on the production line when the company filed the papers, the result of a dearth of sales and an aggregate debt of more than million. Emivest has also left the European Aviation Safety Agency in a bind, as it had owed the regulatory close to million in an ongoing European certification effort. The company is asking the courts to allow it to secure debtor-in-possession financing of up to million from two sources, including Counsel RB Capital, a company that buys distressed companies in the USA and Canada.

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