Tamarack Aerospace Group, inventor and manufacturer of Active Winglets, announced at the National Business Aviation Association’s 2019 Business Aviation Convention & Exhibition (NBAA-BACE) in Las Vegas that it has filed a Chapter 11 Plan of Reorganization which includes repayment of all creditors in full and, when approved, the plan will allow Tamarack to emerge from bankruptcy.
Tamarack Aerospace Files Plans to Emerge from Chapter 11
Key Takeaways:
- Tamarack Aerospace Group announced a Chapter 11 Plan of Reorganization, intending to emerge from bankruptcy with full repayment to all creditors.
- The company filed for bankruptcy after its Active Winglet fleet was grounded by regulatory bodies due to Airworthiness Directives (ADs), following an erroneously reported severe incident in April 2019.
- Investigations subsequently confirmed the reported incident was inaccurate and benign, leading to the resolution of ADs, resumption of Active Winglet operations, and strategic business strengthening for Tamarack.
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