ECHO BAY, Ontario--(BUSINESS WIRE)--On November 23, 2022, 1138969 Ontario Inc. and Springer Aerospace Holdings Limited commenced restructuring proceedings under the Companies’ Creditors Arrangement Act.
Springer Aerospace has obtained Court approval of a sale and investment solicitation process (the “SISP”) to solicit interest in and opportunities for a sale, restructuring, recapitalization or other form of reorganization of Springer Aerospace’s assets and/or business operations.
Springer Aerospace operates one of the largest aircraft maintenance, repair and overhaul (“MRO”) businesses in Canada. Springer Aerospace’s services include, among other things, aircraft maintenance and modification, aircraft components manufacturing and certification, and aircraft painting services.
Springer Aerospace’s facilities are located in Echo Bay, Ontario, with an on-site airport with a published instrument approach. Springer’s MRO facilities are state of the art and can accommodate two Boeing 737s simultaneously or up to 7 ATR-72 size of aircraft at any given time.
Springer Aerospace continues to maintain its tradition of excellent customer service. Springer Aerospace is continuing to service customers in the normal course and will continue to do so for existing and new customers throughout the SISP.
“I am pleased with the level of customer support for the restructuring”, commented Patrick Walsh, the Chief Restructuring Officer of Springer Aerospace, “business remains brisk. I anticipate the SISP will open up new prospects for this business and the surrounding communities.”
The SISP is a two-phase process that will commence on January 11, 2023. Phase I is intended to solicit non-binding letters of interest. The deadline to submit letters of interest compliant with the SISP terms is 5:00 p.m. Eastern Time on February 3, 2023. Phase II will solicit binding agreements from compliant parties with bids required to be submitted by 5:00 pm Eastern Time on March 7, 2023.
Anyone interested in participating in the SISP must contact Mr. Akhil Kapoor of the Monitor, MNP Ltd., at Akhil.Kapoor@MNP.ca.
The Initial Order and the full terms of the SISP are available on the Monitor’s website at [https://mnpdebt.ca/en/corporate/corporate-engagements/springeraerospace].