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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.