Daily News: August 31, 2012

Bloomberg: Sun Capital Completes Acquisition of Pemco World Air

The U.S. Bankruptcy Court in the District of Delaware approved the sale of Pemco World Air Services to its secured lender Sun Capital Partners. The sale was approved on August 9 and completed on August 24, a Bloomberg article said.

Originally, Pemco was to be sold to an affiliate of VT Systems, but that didn’t pan out. After the failed attempt, Sun Capital stepped in to buy the company. Pemco will change its named to WAS Services Inc.

Sun Capital had previously provided $6 million in DIP financing to Pemco.

To read the Bloomberg article in its entirety, click here.

Previously on abfjournal.com:

Pemco World Air Services Enters Chapter 11, Secures DIP Financing, Monday, March 05, 2012