Pemco Cleared To Sell Assets To Singapore Co. For $50M

Law360, Wilmington (June 12, 2012, 8:22 PM EDT) -- A Singapore-based company won court approval Tuesday to buy bankrupt Pemco World Air Services Inc.’s assets for $49.7 million after topping a credit bid from an affiliate of private equity firm Sun Capital Partners LP, the aircraft maintenance company’s current owner.

A unit of Singapore Technologies Engineering Ltd. won an auction last week for the assets, which include the debtors’ maintenance facility at the Tampa International Airport, attorneys for Pemco said at hearing in Delaware bankruptcy court. U.S. Bankruptcy Judge Mary F. Walrath said she would...
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