US-based VT Aerospace has terminated its agreement to acquire Pemco World Air Services' aerospace facility and assets.
"The decision to terminate the agreement was made after certain closing conditions could not be fulfilled by the seller prior to the closing deadline," VT Aerospace's parent, ST Engineering, said in a statement.
On 18 June, VT Aerospace received approval from the US bankruptcy court to acquire Pemco's aerospace maintenance facility in Tampa and assume an estimated $6.2 million in selected liabilities.
This comes after VT Aerospace made a successful bid for Pemco's assets in early June for a purchase consideration of $49.7 million.
The acquired facility and assets bought would have been held under a newly incorporated entity, wholly owned by VT Aerospace.