State of Texas objects to the sale of Emivest Aerospace to undisclosed buyerJanuary 28, 2011 at 12:51 pm | Posted in Aviation Law Current Event | Leave a comment
by Sara M. Langston with the blog faculty
The State of Texas in asking the US bankruptcy court to halt the proposed sale of San Antonio-based Emivest Aerospace to an undisclosed buyer, an action set to take place by mid-February. Emivest builds the aircraft formerly known as the Sino-Swearingen SJ30 twin-engine business jet.
“The motion is being presented on shortened notice with a skeletal description of sale terms and no discussion of how existing secured claims will be treated,” says Texas attorney general Greg Abbott in the 24 January objection letter to the court. “The buyer has not even been identified yet.” The proposed sale and Texas’ objections are topics on the agenda for a 31 January court hearing.
According to the letter, Emivest owes the state approximately $900,000 in taxes and liens.