Emivest Files For Chapter 11
Emivest Aerospace, manufacturer of the SJ30 light jet, filed for Chapter 11 bankruptcy protection last week. The economic slump has led many customers to cancel or delay their orders, CEO Anthony Power said in court papers. The company, based in Dubai, was formed about two years ago when Emirates Investment and Development Corp. bought an 80-percent stake in Sino Swearingen, the Texas-based company that had developed the jet. Emivest is seeking to continue operations while under bankruptcy protection. At least three of the SJ30 jets are flying, including one that belongs to actor Morgan Freeman. The jet is certified for a single pilot and typically seats five in the cabin. About 200 orders are on the books for the $7.2 million jet, according to the company.
The company currently has three jets in production at its assembly facility in Martinsburg, W. Va. The SJ30 cruises at up to .83 Mach at 49,000 feet, and it can maintain sea-level pressure in the cabin while flying up to 41,000 feet.