Pemco World Air Services filed for bankruptcy in Delaware and will be acquired by Avion Services Holdings LLC, a Sun Capital Partners affiliate. Pemco is a provider of aircraft maintenance and engineered services to commercial aircraft.
TAMPA, Fla.– Pemco World Air Services (the “Company” or “Pemco”), an industry leader in aircraft MRO and engineered services, announced that it has filed today with the Bankruptcy Court for the district of Delaware an amended and restated Asset Purchase Agreement with Avion Services Holdings, LLC, an affiliate of Sun Capital Partners, Inc. The Company anticipates that the sale to Avion Services Holdings, LLC will be completed before the end of August, at which time the new company will be a stronger and more viable business.
“This allows us to grow our business and remain an industry leader. I am very excited and firmly believe that our best days are ahead of us.”
“This is a very positive development. It reaffirms the Company’s strategy that it undertook in restructuring Pemco to emerge with its strongest ever balance sheet and excellent capital structure,” said William Meehan, Chief Executive Officer of Pemco. “This allows us to grow our business and remain an industry leader. I am very excited and firmly believe that our best days are ahead of us.”
The Company also announced today that it has agreed with Vision Technologies Aerospace to terminate the Asset Purchase Agreement entered into on May 23, 2012, with VT Aerospace.
About Pemco World Air Services
Pemco is one of the largest providers of aircraft maintenance and engineered services to commercial air carriers based in North America. Over Pemco’s half century in existence, it has become an undisputed world leader in passenger-to-freighter conversion services (second only to Boeing). The company is headquartered in Tampa, Florida, and also has partner operations in Southeast Asia. For more information on Pemco, visit www.pemcoair.com.