A Dubai business jet maker has been sold for less than half the price of one of its aircraft, after bankruptcy proceedings in the US.
The assets of Emivest Aerospace, the maker of the US$7.2 million (Dh26.4m) SJ30 light business jet, have been bought by Metalcraft Technologies, based in Utah, for $3.5m in cash plus liabilities.
Emivest's three-year involvement in the US business aviation industry coincided with a steep fall in demand for business jet travel during the global downturn.
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