Northstar Aerospace Files Ch. 11, Stalking Horse Bids $70M

Law360, Wilmington (June 14, 2012, 5:40 PM EDT) -- Helicopter parts manufacturer Northstar Aerospace (USA) Inc. and its American affiliates landed in Chapter 11 bankruptcy in Delaware on Thursday, preparing to rise again with the aid of a $70 million stalking horse bid and a pair of debtor-in-possession packages already in place.

Chicago-based Northstar USA, the principal supplier of transmission parts for Boeing Co.'s CH-47 Chinook transport helicopter, was brought down by severe liquidity problems that left it unable to meet covenants with its secured lenders and other ongoing payment obligations, according to a declaration...
To view the full article, register now.