NORDAM Emerges From Chapter 11 Bankruptcy

NORDAM announced Tuesday that they have emerged from Chapter 11 bankruptcy. Their reorganization plan was approved by a U.S. bankruptcy court along with their investment partnership with The Carlyle Group.

Tuesday, April 9th 2019, 4:48 pm

By: News On 6

NORDAM Emerges From Chapter 11 Bankruptcy

NORDAM manufactures and repairs aerospace components for business, commercial and military aircraft.

The company announced it was filing for Chapter 11 bankruptcy in July 2018 then announced the partnership with Carlyle last month. Carlyle provided new debt financing to allow the company to retain its 50-year ownership and position the company for continued growth.

NORDAM CEO Meredith Siegfried Madden, all creditors will receive full payment.

“I’m pleased we have reached a quick resolution for our stakeholders, our customers, and our suppliers and lenders,” Madden said. “We’re obviously extremely proud to be paying back all our creditors in full. That was a commitment we made, and we delivered on that commitment.

"I’m grateful for the support our customers and suppliers have shown us. And I’m very excited to be turning the page to a new chapter for NORDAM as we celebrate our 50th anniversary this year. In combination with our new partner The Carlyle Group, we are privileged to be able to secure the future for our stakeholders and now have the funding to support our path toward future 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.

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