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FORT LAUDERDALE, Fla. (September 18, 2012) – Fort Lauderdale-based investment banking firm Farlie Turner & Co., LLC announced today that its Special Situations Group completed the going concern sale of PEMCO World Air Services, Inc. (“PEMCO” or the “Company”) and certain affiliates to Avion Services Holdings, LLC, an affiliate of Sun Capital Partners, Inc., under Section 363 of the U.S. Bankruptcy Code.
Based in Tampa, Florida, PEMCO is one of the largest independent providers of aircraft maintenance, repair and overhaul (“MRO”) services and conversions of commercial aircraft to cargo aircraft in the world. PEMCO’s customer base includes international commercial airline operators, global aircraft lessors and airfreight carriers.
PEMCO filed Chapter 11 proceedings in the District of Delaware in March 2012 to realign its operations and restructure its balance sheet so that it could compete more effectively in the MRO marketplace in the future. The Company’s emergence from bankruptcy with these objectives fulfilled ensures PEMCO’s ability to continue to provide best-in-class service to its customers in the U.S. and overseas.
“The team at Farlie Turner provided outstanding service around the clock to PEMCO under challenging circumstances,” remarked John Sanders, an independent director of PEMCO’s Board charged with overseeing the sale process. “They worked collaboratively with company management, outside counsel, other financial advisors, and multiple potential domestic and international bidders to generate the best possible outcome for PEMCO,” he added.
Please contact Steve Zuckerman or Scott Saunders at (954) 358-3800 regarding questions on the PEMCO transaction or Farlie Turner’s Special Situations Group.
About Farlie Turner’s Special Situations Group
Farlie Turner’s Special Situations Group specializes in representing underperforming and financially distressed companies. This Group complements Farlie Turner’s traditional investment banking practice, which focuses on serving growth-oriented middle market companies with enterprise values typically between $30 million and $300 million. Farlie Turner, and its affiliate Bayshore Partners, LLC, a securities broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services. Please visit www.farlieturner.com for more information.