Bankrupt Northstar Gets Go-Ahead To Auction Assets

Law360, Wilmington (June 27, 2012, 7:57 PM EDT) -- Bankrupt Northstar Aerospace (USA) Inc. and its Canadian parent won court approval Wednesday to auction their assets, with two private equity firms vying to scoop up the helicopter parts manufacturer for at least $70 million.

At a joint hearing linked by video between Delaware and Toronto, U.S. Bankruptcy Judge Mary F. Walrath and her counterpart in Canada, Justice Geoffrey Morawetz of the Ontario Superior Court, signed off on the debtors’ bid procedures, setting an auction for July 17 in Chicago.

Northstar has already lined up a...
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