Emivest files for Chapter 11 bankrupcy as SR30 sales falter

Emivest Aerospace - Dubai owned manufacturer of the SJ30 - has announced that it has petitioned for restructuring under the provisions of Chapter 11 of the U.S. bankruptcy code.
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The company is the result of a  partnership formed in June 2008 when Emirates Investment and Development Company acquired 80% interest in US based aircraft manufacturing company, Sino Swearingen Aircraft Corporation (SSAC) who developed the SJ30, the world’s fastest, longest range and highest flying light jet.

The SJ30 is the first aircraft of its kind in the business jet segment to retain sea level cabin pressure at 41,000ft and reach a top flying height of 49,000ft.. The aircraft was bought last year by high=profile Hollywood actor and pilot Morgan Freeman.

In a statement today Emivest said "Under the plan, EAC will continue to operate normally with debtor-in-possession
(DIP) financing. EAC continues to support our customer aircraft that are being operated both here in the US and internationally.

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