NORDAM Says New Partnership Will Help Get Them Out Of Bankruptcy

NORDAM is announcing a new partnership that will help get the company out of Chapter 11 bankruptcy. They announced Monday morning that they will partner with the global investment first The Carlyle Group.

NORDAM said the partnership will provide new debt financing and allow the company to retain its 50-year ownership and position the company for continued growth.

NORDAM is a family-owned aerospace company founded in 1969 by Ray Siegfried. They have nine operations and customer support facilities on three continents, a news release states.

“This is an important milestone for NORDAM as we exit Chapter 11 and embark on our next chapter of growth,” said Meredith Siegfried Madden, Chief Executive Officer of NORDAM.

Related Story: NORDAM CEO: Bankruptcy Filing 'Not What We Wanted To Do But What We Had To Do' 

“We are thrilled to partner with Carlyle and look forward to working together to continue providing world-class products and services to our valued customers and enhancing flight safety globally.

"With Carlyle’s deep industry, operational and financial expertise, we believe we will be well positioned to execute on our strategic plan, expand our business and take advantage of the many growth opportunities that lie ahead.”

NORDAM previously announced it was filing for Chapter 11 in July 2018.