Tamarack Aerospace Group announced today that it has received final U.S. Bankruptcy Court authorization to accept the full amount of its $1.95 million in committed debtor-in-possession (“DIP”) financing. The new liquidity is provided by a consortium of friendly investors including existing Active Winglet customers, vendors, and other company stakeholders who are committed to Tamarack’s future.
Tamarack President Jacob Klinginsmith says, “In a matter of a few days, these supporters stepped forward enthusiastically to participate in this opportunity. They understand our industry and believe in the long-term value of our innovative Active Winglet product. This financing from friendly investors is now the only debt secured by our IP and is an important step in our reorganization which allows us to continue serving our expanding fleet.”
“We’re excited to be back on track with our sales and installation process,” Klinginsmith says. “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.”
About Tamarack Aerospace Group
Idaho-based Tamarack Aerospace Group invented and patented the revolutionary ATLAS® Active Winglet system. The Active Winglet system is comprised of a wing tip extension, a highly tuned winglet, wing loading sensors and a moveable load alleviation surface. The fully autonomous, fail-passive, load alleviation system counteracts gust or maneuver induced wing loading. Tamarack’s certified Active Winglets for Cessna CitationJet 525, 525A and 525B provide greater efficiency, without the weight penalty of structural reinforcement required by passive winglets, and typically provide better fuel economy, performance gains and increased asset value.
Media contact: Bill Mitchell, Tamarack Aerospace Group. Email email@example.com