NORDAM flies out of bankruptcy

Aerospace manufacturer NORDAM announced it has emerged from bankruptcy after nearly crash-landing and filing Chapter 11 reorganization nearly 9 months ago.

The Tulsa-based company stated that all creditors will get full payment. The emergence came after NORDAM.’s reorganization plan was approved by the U.S. Bankruptcy Court for the District of Delaware.

NORDAM’s approval also came after an investment partnership with The Carlyle Group, a private equity firm. Carlyle invested $140 million into NORDAM last month.

According to NORDAM CEO Meredith Siegfried Madden, NORDAM has secured funding needed to support future growth, and all creditors will receive full payment.

“I’m pleased we have reached a quick resolution for our stakeholders, our customers, and our suppliers and lenders,” Madden said. “We’re obviously extremely proud to be paying back all our creditors in full. That was a commitment we made, and we delivered on that commitment. I’m grateful for the support our customers and suppliers have shown us. And I’m very excited to be turning the page to a new chapter for NORDAM as we celebrate our 50th anniversary this year. In combination with our new partner The Carlyle Group, we are privileged to be able to secure the future for our stakeholders and now have the funding to support our path toward future growth.”

NORDAM’s emergence also includes a seven-year $240 million secure loan from JPMorgan Chase Bank as well as a $100 million revolving loan.

The Oklahoma company has 2,500 employees around the globe and about 1,800 of them are in Tulsa.