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, allowing it to emerge from bankruptcy with full repayment of all creditors.
- The company initially filed for bankruptcy after its Active Winglet fleet was grounded due to airworthiness directives (ADs) triggered by an erroneously reported incident.
- Following factual reviews by aviation authorities, the reported incident was determined to be benign, leading to the resolution of the grounding and resumption of operations.
- Tamarack has since financially recovered through continued sales and investment, enabling its strong reorganization plan and ensuring a more resilient future.
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