Pemco World Air Services Inc. Announces Agreement With Sun Capital Partners Affiliate Avion Services to Acquire the Company

TAMPA, Fla.—(BUSINESS WIRE)—Pemco World Air Services (the “Company” or “Pemco”), an industry leader in aircraft MRO and engineered services, announced that it has filed today with the Bankruptcy Court for the district of Delaware an amended and restated Asset Purchase Agreement with Avion Services Holdings, LLC, an affiliate of Sun Capital Partners, Inc. The Company anticipates that the sale to Avion Services Holdings, LLC will be completed before the end of August, at which time the new company will be a stronger and more viable business.

“This is a very positive development. It reaffirms the Company’s strategy that it undertook in restructuring Pemco to emerge with its strongest ever balance sheet and excellent capital structure,” said William Meehan, Chief Executive Officer of Pemco. “This allows us to grow our business and remain an industry leader. I am very excited and firmly believe that our best days are ahead of us.”

The Company also announced today that it has agreed with Vision Technologies Aerospace to terminate the Asset Purchase Agreement entered into on May 23, 2012, with VT Aerospace.