Market Overview

NORDAM Seeks Chapter 11 Reorganization


NORDAM operations continue uninterrupted, fulfilling customer

The NORDAM Group, Inc., together with its domestic subsidiaries and
affiliates, today announced it has filed a voluntary petition for
protection under Chapter 11 reorganization. NORDAM's foreign
subsidiaries and affiliates have not filed for Chapter 11 protection in
the United States or in their home jurisdictions.

The action comes following a protracted contract dispute with Pratt &
Whitney Canada regarding the PW800 nacelle system used in Gulfstream
G500 and G600 aircraft.

NORDAM CEO Meredith Madden stated, "This court filing is not what we
wanted to do, but it is what we had to do. It is the best path forward
for our company because it allows our business to operate without

The filing is supported by additional financing from NORDAM's bank
lenders to help ensure operations continue uninterrupted during the
restructuring process.

"We are confident in our company and its future. We will emerge from the
Chapter 11 process successfully, as an even stronger company," Madden
said. "During an eight-year period, we invested in excess of $200
million. The PW800 nacelle system has FAA approval and is operating as
expected, having flown more than 6,400 flight-test hours as of July 20
with exceptional performance and quality."

Madden emphasized today's court filing in no way affects other NORDAM
programs or customers.

"Outside of the contract situation with Pratt & Whitney Canada, our
company programs and product lines are performing well, and we are
pursuing several new business opportunities," she said, adding that the
company's focus is on programs with high-growth potential and a strong
competitive position in several market niches.


Founded in 1969 on family values with multiple, strategically-located
operations and customer support facilities around the world, Tulsa-based
NORDAM is a leading independently owned aerospace company. The firm
designs, certifies and manufactures integrated propulsion systems,
nacelles and thrust reversers for business jets; builds composite
aircraft structures, interior shells, custom cabinetry and radomes; and
manufactures aircraft transparencies, such as cabin windows, wing-tip
lens assemblies and flight deck windows. NORDAM also is a major
third-party provider of maintenance, repair and overhaul services to the
military, commercial airline and air freight markets. Learn more about

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