Tue, Oct 22, 2019
Company On Track To Emerge From Chapter 11 Later This Year
Tamarack Aerospace Group (Tamarack), inventor and manufacturer of Active Winglets, today announced that it has filed a Chapter 11 Plan of Reorganization with the Eastern District of Washington. The filed Plan includes repayment of all creditors in full and, when approved, the Plan will allow Tamarack to emerge from bankruptcy.
Tamarack sought bankruptcy protection on June 1st of this year when the timing for resolving Airworthiness Directives (ADs) became uncertain. The ADs had grounded the Active Winglet fleet of 91 aircraft after an erroneously reported incident on April 13, 2019. The grounding was resolved and worldwide Active Winglet operations resumed as of July 10, 2019 following factual review by EASA, FAA, NTSB, and the UK AAIB.
"We continue to make significant progress in the reorganization, we have made a number of strategic changes to the business which has made us more resilient and we will emerge stronger and more viable than before,” said Tamarack president, Jacob Klinginsmith. “In July Tamarack received approval to accept a significant investment for ongoing operations; but the continued Active Winglet sales have allowed us to recover financially and ultimately to present a very strong plan of reorganization. The Plan is testament to the financial health and viability of Tamarack, and we look for confirmation as early as the end of the year.”
An October 31 hearing has been scheduled with the Eastern District of Washington to consider approval of the Disclosure Statement, related to the plan.
(Source: Tamarack Aerospace news release)
More News
Chaff Thin, narrow metallic reflectors of various lengths and frequency responses, used to reflect radar energy. These reflectors, when dropped from aircraft and allowed to drift d>[...]
“Today, XB-1 took flight in the same hallowed airspace where the Bell X-1 first broke the sound barrier in 1947. I’ve been looking forward to this flight since founding>[...]
“Teaming up with the EAA and Berlin Express for this event in Cincinnati will give warbird fans a unique opportunity to see the aircraft that helped defend freedom and gave t>[...]
Hazardous Weather Information Summary of significant meteorological information (SIGMET/WS), convective significant meteorological information (convective SIGMET/WST), urgent pilot>[...]
Aero Linx: The Nebraska Aeronautics Commission The Nebraska Aeronautics Commission was created by the 1935 Legislature to oversee the development of aviation in the state. The Comm>[...]