SHAREHOLDERS of Canada's Fleet Aerospace have approved a major financial restructuring. Toronto-based Fleet, which makes parts for Bell Helicopter Textron, de Havilland and McDonnell Douglas, was in danger of defaulting on debt payments due early this year.
Aerospace contractors, concerned about the company's ability to survive long-term, have been refusing to give Fleet new orders. Now, the company's major lenders - the Ontario Government and the Canadian Imperial Bank of Commerce - will convert C$29 million ($20 million) of debt into equity. Ontario will also contribute an extra C$5 million of equity.
Source: Flight International
