Posts Tagged ‘SJ30’

Emivest jet company sale delayed

Friday, February 11th, 2011

There was to have been a hearing today on a request by the Texas attorney general to delay the sale of Emivest Aerospace, the San Antonio, Texas, company that builds the Swearingen SJ30 business jet. The objection was based on an alleged failure by the company to pay $836,000 in back taxes. Instead, the hearing was delayed today to Feb. 28. A spokesman for the Texas attorney general said there were two reasons. First, there have been delays in the negotiation for the purchase of the firm. Second, the spokesman said, other objections to the sale by additional parties have emerged. It’s not known if those objections could be from additional potential buyers. If the kinks in the deal can’t be solved, the company will be forced into Chapter 7 proceedings, meaning its assets will be sold. More than $700 million has been spent to develop the jet.