Pemco Lender To Buy Assets After $50M Singapore Deal Jams

Law360, Wilmington (August 6, 2012, 6:44 PM EDT) -- Bankrupt Pemco World Air Services Inc. said Friday that it will sell its assets to an affiliate of private equity firm Sun Capital Partners LP, the aircraft maintenance company's primary lender, after failing to close a $50 million asset-purchase agreement with a Singapore-based company.

Vision Technologies Aerospace Inc., a unit of Singapore Technologies Engineering Ltd., had been named the winning bidder for Pemco's assets at a Chapter 11 auction in June, topping a credit bid by Sun Capital's Avion Services Holdings LLC, but the deal fell...
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