Judges OK Private Equity Firm's $70M Northstar Buy

Law360, Wilmington (July 24, 2012, 8:39 PM EDT) -- Bankrupt helicopter parts maker Northstar Aerospace USA Inc. and its Canadian parent won court approval on Tuesday to sell their assets to Illinois-based private equity firm Wynnchurch Capital Ltd. for $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 of Justice, signed off on the sale despite an objection from Canadian environmental regulators.

While the deal was approved without a hitch in the...
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