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Springer Aerospace describes business as ‘brisk’

Deadline to close a new ownership deal is April 3, although it’s kind of a stretchy deadline

In a court-ordered news release issued Wednesday, Echo Bay-based Springer Aerospace is describing its business as "brisk," while expressing optimism about its search for new ownership.

The 100-employee aircraft maintenance and overhaul operation has been under insolvency protection from its creditors since late November.

It's now reaching out to gauge interest in selling, restructuring, recapitalizing or otherwise reorganizing its assets and/or business operations.

“I am pleased with the level of customer support for the restructuring," said Patrick Walsh, a New York-based turnaround specialist currently serving as Springer's chief restructuring officer. 

"Business remains brisk," Walsh said, expressing hope that a court-supervised sale and investment solicitation process (SISP) "will open up new prospects for this business and the surrounding communities.”

The deadline for closing an ownership deal is April 3, although Springer is able to stretch the timeline up to two weeks with approval from the court-appointed monitor overseeing Springer's insolvency proceedings.

As SooToday reported last month, both international purchasers and some employees have expressed interest in becoming involved in the firm's ownership.

"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," Wednesday's news release stated.

— SooToday