August 14, 2012
Management at Pemco World Air Services, the U.S. maintenance, repair and overhaul provider that filed for Chapter 11 protection in March, expects little to change when its completes its sale to Avion, an affiliate of Sun Capital Partners that has provided debtor-in-possession financing for the Tampa, Fla.-based MRO’s reorganization.
“We have the same management, and we have the same strategy that helped us grow this business over the last several years,” Pemco President Kevin Casey tells Aviation Week. CEO William Meehan, meanwhile, says specific details about the sale, which was approved by Pemco’s bankruptcy court Aug. 9, will be disclosed Aug. 20.
The deal follows the collapse of an agreement with Vision Technologies Aerospace, a subsidiary of VT Systems (which itself is a subsidiary of ST Engineering), to sell Pemco for $49.7 million. Few details about the failure of this accord are being disclosed, although ST Engineering in a statement says the decision “was made after certain closing conditions would not be fulfilled by the seller prior to the closing deadline.”