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Tamarack Aerospace Waves off Volitional Bankruptcy  - Orbis Research News Press "Enter" to skip to content

Tamarack Aerospace Waves off Volitional Bankruptcy 

Tamarack Aerospace Group has finally said its farewell to bankruptcy. The American Bankruptcy Court for the Eastern District of Washington has finally given a final decree to the company. Tamarack had voluntarily filed for Chapter 11 protection which has now been closed down, officials declared on Monday.

The news is an accelerating nudge to the continuous growth the active winglet company is witnessing. The decree granted puts an end to the bankruptcy proceeding that began back in June 2019. Tamarack sought Chapter 11 bankruptcy protection followed by the shutdown of the company’s fleet of 91 privately owned Cessna Citation Jets worldwide. These were grounded for nearly two months in the United States with the no-injury 2019 incident. It involved an active winglet modified jet.

The Federal Aviation Administration had imposed an airworthiness directive that directly affected the Cessna Citation models 525, 525A, and 525B being grounded. The FAA lifted the grounding soon enough, and the European Union Aviation Safety Agency followed by a thorough investigating reviewing the incident details. Within a short span of entering Chapter 11, Tamarack was funded with $1.95 million. This was contributed by a bunch of existing customers and vendors of the company.

With financial support, Tamarack was able to complete the reorganization process while keeping the credits intact. The company officials have seen optimal growth through grounding, reorganization, and the COVID-19 pandemic. The company gained media as well as government attention, all the while continuing sales.

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