Subject: An aftermarket aircraft-parts supply company.
Circumstance: In need of a financial partner, the company approached Summit in order to quickly complete the international purchase of two MD 90-30 aircraft located in Taiwan. In less than three weeks, Summit developed a financial and operating agreement with the company, resolved international tax and legal issues associated with the transaction and re-certified the aircraft with the FAA.
Solution: In connection with the closing, the aircraft were flown to California for inspection by all parties, and the transaction closed successfully. The V2525-D5 engines were immediately sold to another financial institution, and Summit’s operating partner began to part out the aircraft and pre-market the nacelles, avionics and other flight control surface parts.
Outcome: Both Summit and the operating partner continue to share in the economic profits of this transaction. The planes have been fully parted out, and Summit has some inventory remaining for sale.