Avion Services to acquire bankrupt MRO services provider Pemco World Air Services by end of month; earlier agreement with VT Aerospace terminated

TAMPA, Fla., 10 Aug. 2012.Pemco World Air Services, a provider of aircraft maintenance, repair, and overhaul (MRO) and engineering services, has filed with the bankruptcy court in Delaware an amended and restated asset purchase agreement with Avion Services Holdings LLC, an affiliate of Sun Capital Partners Inc. Pemco officials anticipate the sale to Avion to be completed before the end of August, at which time the new company will be a stronger and more viable business, says a spokesperson.

“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,” says 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.”

Pemco and Vision Technologies Aerospace officials have agreed to terminate the asset purchase agreement entered into on 23 May 2012 with VT Aerospace.

Pemco a provider of aircraft maintenance and engineered services, including passenger-to-freighter conversion services, to commercial air carriers based in North America.