This week, Caisse Desjardins Ontario Credit Union unsuccessfully tried to convince a judge to strip the Echo Bay aircraft refurbisher of protections granted under the Companies' Creditors Protection Act
Springer Aerospace has lost one-third of its workforce since it entered insolvency protection three months ago.Its financial records are so unreliable prospective purchasers can't tell what the business is worth.But the Echo Bay-based aircraft maintenance, repair and overhaul firm nonetheless managed to dodge a bullet this week that might well have ended its operations and forced liquidation of its assets.
Judge Penny rejected Desjardins' proposal that Springer's CCAA protections be terminated and Raymond Chabot Inc. be appointed receiver and manager of Springer assets, undertakings and properties.Those orders are conditional on all parties working together toward a listing for sale of Springer Aerospace's real property and other assets.
"The loss of these employees has affected Springer’s operations at a time when its stability is paramount. At this time, Springer retains sufficient employees to complete the current work-in-progress, with the KERP incentivizing employees to remain with Springer through the earlier of completion of the SISP [sale and investment solicitation process] and April 15, 2023."
Walsh helped to stabilize the company, including important communications with employees, key suppliers and customers, but the company then decided it instead needed someone with expertise in managing an aircraft maintenance, repair and overhaul firm. Bidders who submitted letters of intent would then be allowed, if selected by Springer and a court-appointed monitor, to enter a second phase intended to allow bidders to do more extensive due diligence and to submit binding offers."The proposed purchase prices vary widely, however the stated purchase prices are non-binding at this stage and are negotiable based on further due diligence.
"As a result, Springer’s 2022 financial statements, generated from its books and records, are likely inaccurate and are not reliable."
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