Active winglet developer Tamarack Aerospace Group has received U.S. Bankruptcy Court approval for $1.95 million in debtor-in-possession financing, the Sandpoint, Idaho company announced on Friday. “This financing from friendly investors is now the only debt secured by our IP [intellectual property] and is an important step in our reorganization, which allows us to continue serving our expanding fleet,” said Tamarack president Jacob Klinginsmith.
The “friendly investors” includes a group of customers who have purchased Tamarack's Atlas active winglet system, vendors, and other stakeholders “who are committed to Tamarack’s future,” the company added. In June, Tamarack filed for Chapter 11 bankruptcy reorganization, citing FAA and EASA Airworthiness Directives that effectively grounded Atlas-equipped Cessna CitationJets as the primary cause.
Those groundings have since been lifted, with the FAA and EASA having agreed that previously-issued Tamarack Service Bulletins were all that was necessary to comply with the ADs. “We’re excited to be back on track with our sales and installation process,” Klinginsmith said. “We have several installations scheduled or in process now, and we’re seeing strong interest. It’s going to be a good second half of the year.”