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 that includes full repayment to creditors, allowing the company to emerge from bankruptcy.
- The bankruptcy was initiated after its Active Winglet fleet was grounded due to airworthiness directives following an erroneously reported incident in April 2019.
- The grounding was lifted and worldwide operations resumed after regulatory agencies confirmed the reported incident details were inaccurate and the event was within certification standards.
- Tamarack is now taking new orders, completing installations, and anticipates emerging from bankruptcy stronger and more viable due to strategic business changes.
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