Emivest Staves Off Liquidation At Last Second

Law360, New York (April 6, 2011, 7:54 PM EDT) -- Facing imminent liquidation by its secured lenders, private jet-maker Emivest Aerospace Corp. on Wednesday convinced a Delaware bankruptcy judge to delay a ruling on the sale of the bulk of the company’s assets.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Brendan L. Shannon began his ruling denying the proposed $3.5 million sale to MT LLC, saying he would not approve a deal that did not pay off Emivest’s debtor-in-possession financing in full.

Bruce Grohsgal of Pachulski Stang Ziehl &...
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