CHICAGO and Milton, Ont.—Northstar Aerospace Inc. is filing for creditor protection in both Canada and the U.S.
Headquartered in Chicago, the helicopter equipment and repair company has filed under the Companies’ Creditors Arrangement Act in Ontario and under Chapter 11 bankruptcy protection in Delaware.
“No assurances can be given that any proposal will result in a transaction or that any such transaction will result in value for all of the various stakeholders after the repayment of secured debt,” the company said in a release on June 12, adding that as far back as September 2011, there was “significant doubt” regarding its “ability to continue as a going concern.”
Northstar Aerospace, Inc. is an independent manufacturer of aerospace parts, including: helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts. Its plants are located in Chicago; Phoenix; Milton, Ont. and Windsor, Ont.
More to come…