GREENWICH, CT, May 20, 2009 — Greenwich AeroGroup Inc. announces that it has entered into a definitive agreement to acquire the assets of Banner Aerospace Holding Company I Inc. and its aviation subsidiaries from its parent, the Fairchild Corporation. The Fairchild Corporation and its aerospace subsidiaries are debtors under chapter 11 of the U.S. Bankruptcy Code.
Greenwich AeroGroup prevailed in a four-party auction conducted under the supervision of and procedures set forth and approved by the United States Bankruptcy Court for the District of Delaware. The court approved the definitive sale agreement on May 19, 2009.
"We are very excited to have the opportunity to acquire a marquis name in the aviation industry and a team of proven aviation professionals," says Gerry Goguen, Executive Vice President of Greenwich AeroGroup. "We look forward to working with the Banner Aerospace management team to continue the growth and development of the businesses. This acquisition enables Greenwich AeroGroup to expand our portfolio of services, while enhancing our supplier relationships."
