Sino Swearingen Aircraft Corporation facing closure!!!

Facing Closure](Report: San Antonio Bizjet Manufacturer Facing Closure | Aero-News Network)Excellent Company Website ]( Was originally going to be called the Gulfjet, when Gulfstream was a partner.

Sino Swearingen SJ30-2 built to date:

001…SJ30-2…N30SJ…destroyed in 1999-short fuselage
002…SJ30-2…N138BF…short fuselage crash 26 Apr 2003
004…SJ30-2…N404SJ…(ex N709JB)
005…SJ30-2…N50SJ…first production aircraft
006…SJ30-2…N901HB…(ex N60SJ)

[ Crash details of N138BF ]](ASN Aircraft accident Sino Swearingen SJ30-2 N138BF Loma Alta, TX)

SJ30-2 History](
N138BF](Sino Swearingen SJ30-2 - Untitled | Aviation Photo #0274754 | 002 W/O Apr 26 2003,N30SJ ](Sino Swearingen SJ30-2 - Sino Swearingen Aircraft Company | Aviation Photo #1225681 | 003N404SJ ]( 004,N50SJ](Sino Swearingen SJ30-2 - Untitled | Aviation Photo #1182679 | 005, N901HB ](Picture Untitled Sino Swearingen SJ30-2 N901HB) 006, N70SJ](N70SJ | Sino Swearingen SJ-30-2 | Private | Tim Perkins | JetPhotos).

This would be a sad ending to Ed Swearingen’s 20+ year dream for a small jet.

Agreed, very sad! :cry:

Sino Swearingen In Need Of Investors
SSAC VP Marketing & Sales, Mark Fairchild told AVweb yesterday that “Taiwan continues to support our program and at the same time is looking for additional investors … to help increase our production rate and move the company to where we need to go to become the company we want to be.” He added that SSAC is “in continued talks with potential qualified investors and with Sen. Rockefeller who has been an ardent supporter of the program from the beginning.” Fairchild’s comments came the same day that The China Post reported that the Sino Swearingen Aircraft Corporation (SSAC) has “lost” $610 million since its founding in 1995 and Taiwan may shut down the San Antonio based company if a new bid to find investors falls short. The report says prior attempts to acquire new investors (in October 2006 and May 2007) failed, and that Taiwan’s parliament has now barred the Taiwan government from financing the company. Fairchild says the reported “loss” of $610 million was rather an investment in “the first new aircraft company since Learjet to design, build, certify, and deliver a brand new jet design in 40 years.” SSAC earned certification of its $5.5 million 7-seat, twin-engine SJ30-2 in October, 2005.

The company was created with the backing of the Taiwan government and U.S. Senator Jay Rockefeller, SSAC originally intended to begin mass-production in October of 2006, with a goal to “break even” in 2007, according to the report. The company’s first aircraft has been flying with its operator since February and is “averaging nearly 50 hours per month.” That aircraft has so far logged nearly 250 flight hours, including four Atlantic crossings, according to Fairchild. A second aircraft “is in final completion,” says Fairchild, and the company plans to deliver that aircraft “soon.” Beyond that, SSAC currently has “4 other aircraft in final completion in our San Antonio facility and fuselage/wings assemblies in work in our manufacturing site in Martinsburg, WV.” Headquartered in San Antonio, with manufacturing facilities in West Virginia, SSAC is a joint venture between Swearingen Aircraft Corporation and Taiwan’s Sino Aerospace Investment Corporation, which holds close to a 90 percent stake.

Sino due new CEO in the latest shakeup

Web Posted: 07/06/2007 08:11 PM CDT

Sino Swearingen Aircraft Corp. will get its fourth chief executive in five years on Monday.
Outgoing Chairman and CEO Ching-Chiang Kuo said Friday that he resigned from the company effective July 2. On Thursday, company officials said Kuo was still in charge.

Kuo said he and Taiwan’s minister of economic affairs disagreed over the financial management of the company, so he tendered his resignation.

“We couldn’t get to the same kind of conclusion, so I’m not going to stay here,” said Kuo, who rarely speaks to the press.

Kuo said his replacement is someone he knows only as Dr. Lo, who is from Taiwan’s Aerospace Industry Development Corp.

The AIDC is assessing the performance of Sino Swearingen to determine if Taiwan should continue to invest in the San Antonio jet maker, which has spent 18 years trying to get the SJ30 jet to market.

The seven-person jet has made several trans-Atlantic flights and is the fastest jet of its size.

Still, the company has only sold one plane to an investor who was one of the founders of the original company, Swearingen Aircraft Corp. Only four other jets have been built, though the company says there are orders for about 300 at $6.19million each.

Kuo took over as chairman of the company in 2005 and ousted the previous CEO, Carl Chen, in early 2006. Chen is one of several former executives and suppliers who are suing the company over wrongful termination or non-payment of bills.

The Taiwanese government bought into the company in 1995 and has spent more than $600 million getting the plane to market. This latest assessment by the AIDC will determine whether or not Taiwan will continue to invest in the company.

“We only need money,” Kuo said. “That is the problem. We never had enough for mass production. We were depending on fundraising, and fundraising did not go as well as planned.”

At least five investment groups have expressed an interest in Sino Swearingen, he said. AIDC will review those investment proposals and make a recommendation to Taiwan about which one, if any, it should pursue.

Kuo said he will stay around to help with the transition but then plans to take some time off.

“I’ve been working so hard,” he said. “I’m going to take some time off and enjoy my life a little bit.”

Monday, July 30, 2007 Time:7:21:58 AMEST
Sino doles out pink slips

By NAOMI SMOOT / Journal Staff Writer
MARTINSBURG Sino Swearingen Aircraft officials confirmed Friday that a number of employees from the Martinsburg plant were let go this week, but wouldnt confirm the number of layoffs.

Early Friday morning, The Journal received an e-mail from an employee who wished to remain anonymous, who said that 43 workers were laid off Thursday at Sinos facility near the Eastern West Virginia Regional Airport. The employee also said that employees from the San Antonio plant also had been laid off. At one time, more than 100 people were employed at the Martinsburg plant.

Mark Fairchild, Sinos vice president of marketing and sales, said that employees were let go from the plant, as well as the companys base of operations in San Antonio, but refrained from commenting on how many people were affected.

Weve had some restrictions throughout the company, he said Friday.

The employees were terminated as part of an effort to restructure the entire corporation, he said. Sino recently hired a new president and CEO, and officials are continuing to look for new investors for the business. The Taiwanese government, which has invested more than $600 million in Sino, also has sent members of its Aerospace Industrial Development Corp. to examine operations at both the companys Texas facility and its Martinsburg plant in recent weeks, Fairchild said.

Were trying to get streamlined, he said.

Fairchild denied claims that the company has plans to close either of its facilities, though there is the possibility that some of the work could be moved to Taiwan, he said.

Some detailed parts might go to Tawain, he said, adding that, The Taiwanese have funded the program for quite some time. Theyve put in over $600 million and this might be a way to give back some money and jobs.

U.S. Sen. Jay Rockefeller, D- W.Va., who was instrumental in helping to bring the company to Martinsburg, said he foresees bright skies ahead for the company.

Theres no question that Sino is producing an incredible business jet, and I continue to be optimistic about its future. Sino remains a strong and viable business venture, he said in a statement Friday.

The company, Fairchild noted, already has shipped at least one of its SJ30 aircraft, which is being called the fastest business jet of its kind. There are other signs that the future may be bright for the company as well, and there are no plans to close the doors at either of its locations, he said.

There are no plans of shutting the company down, either here (in Texas) or in Martinsburg, he said.

This weeks layoffs are not the first bump in the road for Sino. In last August, shortly after announcing plans to expand the companys San Antonio facility, pink slips were issued to nearly 50 Sino employees in Martinsburg, and as many as 100 in San Antonio. Since then, media outlets around the world have reported that the Taiwanese government may be weighing the possibility of pulling the plug on the operation.

[ Flightaware ]](N50SJ Flight Tracking and History - FlightAware) N50SJ out and about! N50SJ is the first production aircraft.

Looks like Eds Dream for the SJ30 will live on
Apparently Sino sold a large interest in the company today
Good for you Ed we believe in you and your SJ30

News from AIN

After Long Search, Sino Gets New Investors
Sino Swearingen Aircraft is poised to leave the financial holding pattern it has been in while the Tawainese government sought to sell its majority stake in the company over the past year or so. This afternoon, Action Aviation Investors (AAI) came forward as the new suitor, saying it will make a major capital investment and acquire a controlling interest in the San Antonio-based aircraft manufacturer. AAI is a joint venture between UK-based Action Aviation, Sino Swearingens largest distributor, and investment group ACQ Capital. According to AAI, the deal ensures that Sino Swearingen will have adequate capital to begin full-scale production of the SJ30 light jet. The company has delivered only two SJ30sone in the past weeksince obtaining FAA certification for the light jet in November 2005. AAI has not announced Sino Swearingens new board members or senior management, but said the original Taiwanese investors will continue to have board representation. The transaction is expected to close by the end of next month

Emirates Investment & Development PSC - Dubai
Takes 80 Percent Stake in Sino Swearingen Aircraft Corporation of USA

Press Statement

The new investors first priority is to pay all outstanding debts, and restart the production line. Several aircraft are in various stages of completion in San Antonio and Martinsburg WV.

They also plan to develop new models based on the original SJ-30 design.
Currently two SJ-30’s have been delivered, with 300 on order.

Emirates Investment & Development PSC - Dubai - takes 80 percent stake in Sino Swearingen Aircraft Corporation of USA

Press Statement

The new investors first priority is to pay all outstanding debts, and restart the production line. Several aircraft are in various stages of completion in San Antonio and Martinsburg WV.

They also plan to develop new models based on the original SJ-30 design.
Currently two SJ-30’s have been delivered, with 300 on order.

Here we go again, another Bankruptcy filing from new owners!!! … s-for.html … 2#storytop

The company said it had a five-year backlog of orders, or more than 200 aircraft, and that three jets are in various stages of production. With adequate funding, the company hopes to complete each of the jets over the next two years,

:question: :question:

The first thing I noticed is something is wrong with the picture!!!

For a start how can the Emirates company not raise the funds required if they have 200 orders.

One problem is one order alone is for 159 jets from Action Aviation, which is a sales distributor for the SJ-30 in 66 countries - so they have placed an order, in the hopes of selling the jets to ??? From what I can find on the net, those jets were ordered in 2005!!!

From what I’ve seen the only jet they actually sold and delivered was to Hamish Harding - who just happens to own Action Aviation.

So my guess if they had secure committed orders, they could get the funds to build the aircraft.

So I wish them luck!!!