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 to emerge from bankruptcy, committing to repay all creditors in full.
- The company sought bankruptcy protection after its Active Winglet fleet was grounded in April 2019 due to airworthiness directives stemming from an erroneously reported incident.
- Regulatory agencies later confirmed the reported severity of the incident was inaccurate, allowing worldwide Active Winglet operations to resume in July 2019.
- Tamarack utilized the reorganization period to implement strategic changes and is now financially recovering, accepting new orders, and aims to be more resilient.
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