3/28/17 Recap: Designer and manufacturer of machined parts, fabricated components and tooling for commercial aerospace and defense markets filed for bankruptcy to effectuate a 363 sale to a strategic competitor, Harlow Aerostructures LLC, which, prepetition, purchased the distressed senior secured debt held by Comerica Bank and Fifth Third Bank. Harlow will provide DIP financing and serve as the stalking horse for the company's assets. This appears to be a story about poor strategic acquisitions, reliance on two big projects that were ultimately cancelled (Lockheed Martin F-22 fighter jet and the Airbus A380) and reductions in military spending (which may or may not be related to the cancellations).
