Springer Aerospace Holdings has commenced its restructuring proceedings under the Companies’ Creditors Arrangement Act in November 2022. The company 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.
The SISP is a two-phase process started 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.
Patrick Walsh, the Chief Restructuring Officer of Springer Aerospace, said: “I am pleased with the level of customer support for the restructuring. Business remains brisk. I anticipate the SISP will open up new prospects for this business and the surrounding communities.”
Springer Aerospace operates one of the largest aircraft maintenance, repair and overhaul businesses in Canada with facilities in Echo Bay, Ontario. They provide aircraft maintenance and modification, aircraft components manufacturing and certification, and aircraft painting services.