Springer Aerospace near the Sault enters CCAA, but says no danger it will shut down
An aircraft maintenance company near Sault Ste. Marie is beginning restructuring proceedings.
Springer Aerospace is working with the company’s primary lender and key stakeholders as it works through the Companies’ Creditor Arrangement Act (CCAA) process.
At the same time, they’re attempting to reassure the public the company is not in danger of shutting down.
Springer Aerospace has been open since 1972 and is a major employer in the region. However, the pandemic negatively impacted the company to the point that it is seeking creditor protection.
“The employees don’t get affected, the clients certainly don’t get affected,” said vice-president Christopher Grant.
“We’re restructuring our financial balance sheet, and as a result, we’ve instituted the CCAA proceedings and we’ll be in this for a few months. But we’ll come out stronger for sure in the new year.”
Springer Aerospace, which currently employs around 100 people, specializes in converting passenger aircraft into cargo planes.
“We paint planes, we do heavy maintenance, we do engine work, we do pretty much everything a plane requires,” said Grant.
Theo Niemandt, director of maintenance, recently moved to Canada from South Africa. He said he’s impressed at the size of the operation.
“For where we are, in the middle of northern Ontario, for the amount of work and stuff that we do is pretty cool,” Niemandt said.
“I just fell in love with the place and I decided this is what I’m going to be doing.”
Grant said the company currently has about two years worth of contracts.
“We’re booked up quite a bit in advance and we’ve got a lot of work for these guys,” said Grant.
“This restructuring is a very welcome process that we look forward to going through.”
Area mayors have expressed some worry about the future of the operation, and they said they will be watching the situation as it unfolds.
Grant said it’s too early in the restructuring process to know exactly how it will impact the business, but he reiterated there is no cause for concern.
CTVNews.ca Top Stories
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
South Korean sentenced to 14 months in jail for killing 76 cats
South Korean man has been sentenced to 14 months in prison for killing 76 cats in one of the country's most gruesome cases of animal cruelty in recent years.