Specialist aircraft parts manufacturer Tamarack Aerospace has received approval from the U.S. Bankruptcy Court for $1.95 million in debtor-in-possession financing.
The Sandpoint, Idaho company is reorganising following their declaration of bankruptcy in the wake of Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) airworthiness directives that grounded Cessna Citation jets due to Tamarack winglet related issues.
“This financing from friendly investors is now the only debt secured by our IP [intellectual property] and is an important step in our reorganization, which allows us to continue serving our expanding fleet,” said Tamarack president Jacob Klinginsmith.
Some of the so-called friendly investors include customers who purchased the Atlas active winglet system, sellers and other stakeholders “who are committed to Tamarack’s future,” said the company.
Since the FAA and EASA groundings were lifted last month, both agencies agreed that the service bulletins that Tamarack issued were sufficient to comply with the airworthiness directives.
“We’re excited to be back on track with our sales and installation process,” Klinginsmith said. “We have several installations scheduled or in process now, and we’re seeing strong interest. It’s going to be a good second half of the year.”