Deal will allow Echo Bay firm to survive as going concern
An Echo Bay aircraft refurbisher is poised to emerge from months of fiscal turbulence after a Toronto judge agreed Tuesday to sell the business to an Ontario numbered company.
Springer Aerospace had a highly skilled workforce of 100 employees on Nov. 23, 2022 when it entered insolvency protection under the Companies' Creditors Arrangement Act ."The proposed transaction allows [Springer] to continue as a going concern, which is in the interest of all stakeholders, including employees, suppliers, customers, and the northern Ontario economy," Judge Penny said.
An unusual condition of the deal approved Tuesday will be a reverse vesting mechanism under which certain Springer liabilities will be transferred to another newly incorporated numbered company, which will be assigned into bankruptcy."Their business requires numerous licenses and certifications, in Canada as well as in other jurisdictions where the customers’ planes are operated.
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