Northstar USA Gets Thumbs-Up For $9M DIP Lifeline

Law360, Wilmington (June 15, 2012, 6:12 PM EDT) -- A Delaware bankruptcy judge on Friday cleared Northstar Aerospace (USA) Inc. to borrow $9.4 million to sustain operations and propel the planned sale of the helicopter parts company to a private equity firm.

At a first-day hearing in the case, U.S. Bankruptcy Judge Mary F. Walrath approved the interim portion of the company’s debtor-in-possession financing package. The loans — which will be worth up to $29 million upon final approval — were provided by an affiliate of The Boeing Co., the debtors’ largest customer, and senior...
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