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NORDAM announces it has emerged from bankruptcy

Posted at 3:20 PM, Apr 09, 2019
and last updated 2019-04-09 16:24:21-04

Tulsa-based aerospace-composite manufacturing company NORDAM announced on Tuesday that the company has emerged from bankruptcy.

The company says the emergence followed the approval of the company's reorganization plan. In July 2018, the company, which is one of the city's largest employers, had announced it filed a voluntary petition for Chapter 11 bankruptcy reorganization.

RELATED: Tulsa-based NORDAM files for Chapter 11 bankruptcy reorganization

“I’m pleased we have reached a quick resolution for our stakeholders, our customers, and our suppliers and lenders,” CEO Siegfried Madden said. “We’re obviously extremely proud to be paying back all our creditors in full. That was a commitment we made, and we delivered on that commitment. I’m grateful for the support our customers and suppliers have shown us. And I’m very excited to be turning the page to a new chapter for NORDAM as we celebrate our 50th anniversary this year. In combination with our new partner The Carlyle Group, we are privileged to be able to secure the future for our stakeholders and now have the funding to support our path toward future growth.”

The company was founded in 1969.

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