St. Louis, MO / January 27, 2014 – Sabreliner Corporation, which lost half its business during federal government sequestration, has struggled financially since then. A new entity has acquired the debt of Sabreliner's primary lender and plans to take control soon of the company's assets and continue operations. Details about the new ownership will come from them.
F. Holmes Lamoreux, chairman and CEO, and Susan Aselage, president and vice chairman, will be leaving the organization, and the new ownership is expected to meet with employees in the coming weeks.
"Today, Sabreliner Corporation begins its next chapter. We were never able to replace the significant business lost during sequestration. As a result, we haven’t been able to repay the company’s bank debt so the bank has sold it to another enterprise. Sabreliner soon will be operating under new management," said Lamoreux.
Despite the economic challenges of rebuilding, Sabreliner had improved both its military and commercial businesses in recent weeks. New contracts have been won for the Perryville and Ste. Genevieve, MO, operations, and more than a dozen military and corporate aircraft are currently in work at Perryville.
"We have been working hard to win new business, perform it profitably and satisfy our clients, and we were beginning to see our efforts yield positive results. But we have faced series of challenges including reduced military spending and the overall slowdown of the economy that have been difficult to overcome," said Aselage.
The company has been a privately held corporation since 1983, when a group of investors led by Lamoreux purchased the Sabreliner Division of Rockwell International. The company's initial goal was to support the existing fleet of Sabreliner aircraft with excellent maintenance and modification services, while capitalizing upon those skills to support other types of aircraft and their operators, including the U.S. and foreign militaries. Its services have expanded over the years to include maintenance, repair and overhaul of aircraft, engines and their components, as well as manufacturing support for aging aircraft and new aircraft production.
Sabreliner Corporation: Sabreliner Corporation is a diversified aviation services company recognized worldwide for its extensive expertise and capabilities for government, military and business aviation customers. Specializing in airframe, engine, and component modification, inspection, repair, and overhaul, Sabreliner is widely recognized for its ability to keep veteran aircraft in service while being equally qualified to perform aircraft completions to the highest standards. Sabreliner offers complete exterior paint services and interior redesign, as well as major avionics upgrades and installations.
Sabreliner’s extensive in-house engineering and manufacturing capabilities enable it to fabricate airframe structural assemblies, parts and tooling for use in new fixed and rotary-wing aircraft production, and for repair and overhaul of existing aircraft. Parts and assemblies are produced in accordance with government specifications, under license from OEMs and under FAA Parts Manufacturer Approval (PMA). For more information, visit www.sabreliner.com.