Nordam given bankruptcy lifeline by Gulfstream

posted on 5th September 2018 by Omar
Nordam given bankruptcy lifeline by Gulfstream

Nordam has been given a lifeline following its Chapter 11 bankruptcy protection filing earlier this year with Gulfstream agreeing to purchase interest in a nacelle program.

According to court files, Nordam will be able to continue on its nacelle production on the P&W engines that are housed in the Gulfstream G500 and G600.

EVA reported on Nordam’s bankruptcy protection filing back in the summer of this year following the company’s dispute with Pratt & Whitney.

Nordam has agreed for Gulfstream to assume full management authority on the nacelle program.

Earlier in the year Nordam CEO Meredith Madden spoke on the Chapter 11 filing and stated: “This court filing is not what we wanted to do, but it is  what we had to do. It is the best path forward for our company because it allows our business to  operate without interruption.”

The filing is supported by additional financing from Nordam’s bank lenders to help ensure  operations continue uninterrupted during the restructuring process.

“We are confident in our company and its future. We will emerge from the Chapter 11 process  successfully, as an even stronger company,” Madden said.