Dubai-based Emirates Investment and Development Corporation announced Wednesday to Sino Swearingen employees that it will purchase an 80 percent controlling interest in Sino Swearingen Aircraft Company from Taiwan´s Ministry of Economic Affairs.
Emivest´s first priority will be to pay off overdue bills to vendors and restart the SJ30-2 production line. However, the Dubai firm also wants to build a family of new aircraft models based upon the SJ30-2 design.
The investment comes at a critical time for Sino Swearingen. Perennially cash strapped, it only has delivered two SJ30-2 business jets since achieving type certification in late 2005, one to early investor Doug Jaffe and the other to European distributor Hamish Harding, chairman of Action Aviation.
Several other SJ30-2 aircraft are in various stages of completion in San Antonio, TX and Martinsburg, WV, but Sino Swearingen hasn´t had the funds to complete them, company insiders said. Cash flow at Sino Swearingen became severely short after Action Aviation and partner ACQ Capital failed in their attempt to raise funds for a buy-out of the Taiwanese share in late 2007.