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
Canada, G7 urge 'all parties' to de-escalate in growing Mideast conflict
Canada called for 'all parties' to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
'It was all my savings': Ontario woman loses $15K to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
Families to receive Canada Child Benefit payment on Friday
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.
After COVID, WHO defines disease spread 'through air'
The World Health Organization and around 500 experts have agreed for the first time on what it means for a disease to spread through the air, in a bid to avoid the confusion early in the COVID-19 pandemic that some scientists have said cost lives.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.