Tamarack Aerospace Group’s plan to pay back all debtors as it emerges from reorganization bankruptcy has been approved by the U.S. Bankruptcy Court of the Eastern District of Washington, the Sandpoint, Idaho developer of Atlas active winglets announced today. With the Chapter 11 disclosure statement approved, Tamarack said it expects to come out of bankruptcy early in the second quarter.
“This court approval and our continued sales of Active Winglets is a testament to the financial health of Tamarack, the robustness of our product, and our commitment to our customers, vendors, and investors,” said Tamarack president Jacob Klinginsmith.
EASA and FAA Airworthiness Directives last June grounded the fleet of 91 Atlas-equipped Citation CJ1s, CJ2s, and CJ3s, leading to Tamarack’s bankruptcy protection filing. Those ADs were resolved a month later following a factual review by the FAA, EASA, NTSB, and the UK’s Air Accidents Investigation Branch (AAIB). Tamarack said a false incident report last year led to the grounding of Atlas-equipped Citations.
Klinginsmith told AIN that the company has installed active winglets for 10 customers since the grounding and is now working on its 100th installation, “a very exciting milestone.” “There is also strong interest from MROs,” he added. “We’ve recently added three installation partners because their customer base was asking for active winglets and we are in discussions to add at least three more."