Dépêches

Morgan Joseph TriArtisan’s Financial Restructuring Group Raises Dip Financing and Completes Sale of Emivest Aerospace

Dépèche transmise le 20 juillet 2011 par Business Wire

NEW YORK--(BUSINESS WIRE)--The investment banking firm of Morgan Joseph TriArtisan LLC, announced the sale of substantially all of the assets of Emivest Aerospace Corp., in a sale pursuant to Section 363 of the Bankruptcy Code. Emivest is the producer of the SJ30, the world’s fastest, highest flying and longest range light business jet.

Emivest, despite an order backlog for over 200 SJ30s, a light engine plane employing advanced aerodynamics that had received U.S. FAA certification in October 2005, encountered difficulty after its then majority owner, a leading investment fund based in the United Arab Emirates, was unable to continue funding the Company’s operating costs and working capital needs due to depressed economic and credit conditions in the Emirates.

Faced with a liquidity shortfall, Emivest retained Morgan Joseph’s Financial Restructuring Group, headed by James D. Decker. Over the course of approximately thirty days, the Financial Restructuring Group raised debtor-in-possession financing for Emivest to support a voluntary bankruptcy filing. The Financial Restructuring Group then effected a widely marketed asset sale of Emivest pursuant to Section 363 of the U.S. Bankruptcy Code. The purchaser of the Emivest assets was MT, LC, a Utah-based limited liability corporation that is an affiliate of Metalcraft Technologies, Inc., based in Cedar City, Utah.

About Emivest Aerospace

Founded in 1995, Emivest Aerospace is a domestic aircraft manufacturing company that designed and produces the SJ30, the world’s fastest, highest flying and longest range light business jet.

About Morgan Joseph TriArtisan LLC

Morgan Joseph TriArtisan LLC (www.mjta.com) is an investment bank engaged in providing financial advice, capital raising and private equity investing. The firm’s services include mergers, acquisitions and restructuring advice, in addition to private placements and public offerings of equity and debt, as well as research and trading services for institutional clients.