ECHO BAY, Ontario--(BUSINESS WIRE)--Springer Aerospace, a full-service aircraft maintenance, repair and overhaul business in Echo Bay, Ontario, announced it has commenced restructuring proceedings under the Companies’ Creditors Arrangement Act to restructure its operations and financial affairs. The facilities are located at the company’s privately owned airport at Bar River, just 15 km east of Sault Ste. Marie, in Northern Ontario.
Springer is a key employer in Northern Ontario with approximately 100 employees. Many of Echo Bay’s 1,600 residents derive income and economic benefit from Springer Aerospace. Springer services nearly all the airlines and private operators and air ambulances who transport passengers, food, fuel and medical supplies into fly-in and Indigenous communities.
Springer Aerospace is focused on long-term growth. The company expanded its operations and service offerings in 2020 with the construction of a new, state of the art hangar.
As part of the restructuring, Springer Aerospace is continuing to work with its primary lender, Desjardins, and other key stakeholders. Springer Aerospace will be undertaking an operations review and will implement steps to enhance workflow and profitability for long term growth.
“Springer Aerospace is grateful for the ongoing support of our employees, suppliers and customers and the Echo Bay community,” said Christopher Grant, CEO. “We look forward to building this company to service the community for years to come, as it has done since 1972.”