Sabreliner Corp., a Clayton, Mo.-based aircraft manufacturing and repair company that on Friday informed all employees they will lose their jobs within two weeks, has faced several collection lawsuits in local courts.

The company on Friday agreed to settle one of those cases for $192,000. That deal with one if its lenders allows Sabreliner to stay in its Perryville, Mo. airport facility for another month, according to the St. Louis Post-Dispatch.

The letter sent to employees to inform them of the job losses states that Sabreliner Services LLC will be the company's new owner. It further states that Sabreliner Services will conduct a job fair in the future, but that positions with the new firm are not guaranteed.

Bob Stockard, CEO of Sabreliner Services, said Sabreliner Corp. is in default and Sabreliner Services is now its secured lender.

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