Taiwan Government Unable To Locate Suitable Investors

A Taiwan-US executive business jet company based in San Antonio, TX may be forced to close its doors soon, because it's apparently not attractive to investors anymore.

The Taiwan Economic Daily News (EDN) said Monday the Taiwanese government had failed in its last two attempts to secure new investors for the Sino Swearingen Aircraft Corporation (SSAC), once in October 2006 and the second this past May.

The government is making one last attempt to gain investors.

SSAC produces the $5.5 million, 7-seat, twin-engine SJ30-2. It was certified by the Federal Aviation Administration in October 2005 and received Approved Production Inspection System approval in December of that year.

The company is a joint venture between the Swearingen Aircraft Corporation and Taiwan's Sino Aerospace Investment Corporation and was founded in 1995 with backing from US Senator Jay Rockefeller.

Components for the executive business jets are built in West Virginia, and assembled in San Antonio.

SSAC has reportedly lost $20 billion since it opened its doors and Taiwan's parliament has forbidden the Taiwanese government from financing the company, according to the Deutsche Presse-Agentur.

As ANN has reported, the SJ30-2 business jet is a high-performance twinjet aircraft with a range of over 2,500 nautical miles and the highest cruise speed in the light jet industry of Mach .83 (560 mph). This single pilot certified jet operates at altitudes to 49,000 feet and maintains a "Sea Level Cabin" pressure through 41,000 ft.

The future of the company rests in Taiwan's economic ministry's last attempt to locate suitable investors.

The first delivery is scheduled for next month.

FMI: www.sj30jet.com