Liquidators Khov Jones announced yesterday that they have sold Pacific Aerospace Limited to a local company, meaning the aircraft manufacturer will once again be 100% New Zealand owned.
PAL went into administration in February when the CEO said the company was unable to meet its financial obligations, threatening the type certificates of several aircraft including the P-750 single-engined turbo-prop and the E350 Expedition.
Liquidators Steven Khov and Kieran Jones conducted a sale process that attracted expressions of interest from 30 parties.
"Several formalised offers were received for various aspects of the business and/or assets," Khov Jones said. "Ultimately, the sale to the purchaser meant the Pacific Aerospace business will remain in New Zealand and local staff will be offered employment by the purchaser.
"The purchaser is committed to re-employing staff that worked for Pacific Aerospace, however, the terms of employment will be between the individual and the purchaser."
As yet, the identity of the new owner has not been revealed, but is believed to be an established aviation company.
Although Khov Jones did not keep PAL running during liquidation, they did keep in contact with stakeholders and the NZ CAA whilst they worked to find a resolution. The CAA permitted aircraft operating under PAL type certificates to stay in the air despite the company being unable to meet their obligations.
"We are proud to achieve a sale given the challenges that were faced and are pleased Pacific Aerospace will continue into the future," Khov Jones remarked.
"This will no doubt give some comfort to all PAC aircraft owners worldwide."