DLA Piper represented a large majority of the equity owners of The NORDAM Group, Inc., an aerospace manufacturing and repair company, in its chapter 11 plan, which was confirmed by the United States Bankruptcy Court for the District of Delaware on March 18, and which became effective on April 9. The plan not only allows the equity holders, the Siegfried family of Tulsa, Oklahoma, to remain in control of NORDAM, but the plan provides for the payment in full to all of the company's creditors. The company implemented a plan that provided the company with a clear and promising future by injecting a capital infusion in the company through the exit facilities and a new investment which was provided by Amelia Acquisition LLC, an affiliate of The Carlyle Group.
Richard Chesley, global co-chair of the Restructuring practice, said the outcome was one rarely achieved in the chapter 11 process, and a tremendous accomplishment for all of NORDAM's stakeholders. "This is a truly outstanding result, one which is rarely experienced, that required the support of a number of people at NORDAM and the tireless work of the company's management team and professionals; by working together, they preserved the company's historic status as a family-owned enterprise and a pillar of the Tulsa community."
Founded in 1969 by the late Ray H. Siegfried II, the Tulsa-based NORDAM designs, certifies and manufactures integrated propulsion systems, nacelles and thrust reversers for business jets; builds composite aircraft structures, interior shells, custom cabinetry and radomes; and manufactures aircraft transparencies, such as cabin windows, wing-tip lens assemblies and flight deck windows. NORDAM also is a major third-party provider of maintenance, repair and overhaul services to the military, commercial airline and air freight markets.
The DLA Piper team was led by Richard Chesley (Chicago), global co-chair of the Restructuring practice, and included partner Craig Martin and of counsel Maris Kandestin (both of Wilmington).