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 has filed a Chapter 11 Plan of Reorganization, aiming to emerge from bankruptcy and repay all creditors in full.
- The company sought bankruptcy protection in June 2019 after its Active Winglet fleet was temporarily grounded due to airworthiness directives.
- These directives were issued following an erroneously reported incident in April 2019, where a pilot's extreme roll rate report was later determined to be inaccurate and within normal certification standards.
- Following investigations by aviation authorities, Active Winglet operations resumed in July 2019, and Tamarack has used the reorganization to strengthen its business, recover financially, and resume sales and installations.
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