The Plan of Reorganization filed by Tamarack Aerospace Group was confirmed by the United States District Court for Eastern Washington on March 2, 2020, clearing the way for the company to begin the process to emerge from its voluntary bankruptcy. The Plan of Reorganization was affirmed by all voting classes without objection, includes repayment of all creditors in full and affirms that the Tamarack shareholders remain intact. The court’s approval is a testament to Tamarack’s financial strength, its dedication to its customers and the support of its shareholders.
“The Tamarack Aerospace reorganization has gone extremely well.” says John Munding, who has represented Tamarack in the matter.
“It is rare for companies to emerge from bankruptcy this quickly and smoothly.”
“We continue to make significant progress in the reorganization as well as our general growth. We have made a number of strategic changes to the business which have made us more resilient,” said Jacob Klinginsmith, President of Tamarack.
“Entering the voluntary bankruptcy was a difficult choice, but in the end it has made us an even stronger company.”
The reorganization allows Tamarack to maintain support for its growing Active Winglet fleet. Sales continued during the reorganization and Tamarack performed its 100th active winglet installation in February 2020. The company continues to grow its installation and service network and has recently added four new partners. This increases the total partner network to more than 20 worldwide. The U.S. Congress, aviation associations, military, commercial airlines and OEM’s are all meeting with Tamarack and taking notice of its groundbreaking technology.
“Our customers continue to be our biggest supporters and advocates when it comes to the performance and safety of the active winglets,” stated Tamarack Founder and CEO Nick Guida.
“They see the ROI quickly through better aircraft valuation, fuel savings and improved safety, utility and comfort. In fact, many choose the winglets simply for the improved safety margin,” he added.
“Now with well over 20,000 flight hours across our fleet, the fuel savings and emission reduction are significant. It feels good to see this technology having a positive impact in the marketplace, industry and environment.”