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.