Proposed deal will be considered by a Toronto judge on April 11
Springer Aerospace Holdings Ltd. is negotiating with a prospective purchaser of the Echo Bay-based aircraft maintenance, repair and overhaul firm.
The other offer for the troubled aerospace firm was accompanied by a deposit that's being held by Springer's legal counsel pending execution of a satisfactory purchase agreement. "The reverse vesting mechanism is needed to ensure, among other things, that domestic and international regulatory approvals and licenses are not jeopardized," Grant said in an affidavit sworn last week.
Springer's largest obligation is to Caisse Desjardins Ontario Credit Union Inc., which is owed $5.7 million.
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