An aircraft maintenance business in Echo Bay has entered bankruptcy protection after receiving more than a million dollars from the provincial government earlier this year.
On Thursday, Springer Aerospace announced it has begun restructuring proceedings under the Companies’ Creditors Arrangement Act to restructure its operations and finances.
The business, which employs approximately 100 people, services airlines, private operators and air ambulances transporting passengers and goods into remote and Indigenous communities.
In March, the province announced that Springer Aerospace had received $1.4 million from the Northern Ontario Heritage Fund Corporation to build a new hangar and upgrade its services.
Springer Aerospace is now in the process of reviewing its operations to enhance workflow and profitability going forward.
“Springer Aerospace is grateful for the ongoing support of our employees, suppliers and customers and the Echo Bay community,” said Springer Aerospace Chief Executive Officer Christopher Grant. “We look forward to building this company to service the community for years to come, as it has done since 1972.”