Turnaround expert to meet with Springer Aerospace staff

A crisis manager and reflection consultant from New York will be here next week for a town hall meeting with employees of insolvent Springer Aerospace.

Patrick Walsh, president and managing director of Cedar Croft Consulting, tells us SooToday he will meet with 100 Springer employees on Tuesday.

Retained by Springer as restructuring director, Walsh will be responsible for maintaining Echo Bay’s highly trained and certified workforce as it emerges from insolvency protection under the Corporate Creditors’ Arrangement Act (CCAA).

Cedar Croft Consulting has offices on Park Avenue in Manhattan and Bay Street in Toronto.

Walsh has “over 20 years of experience providing turnaround and crisis management, financial advisory, cash flow management and profit improvement services to clients across a variety of industries,” says the Cedar Croft website.

“Pat acts as a project manager on assignments with mid-market companies to achieve turnarounds both inside and outside of bankruptcy filings.”

“He is also highly experienced and effective in the roles of restructuring director, interim finance director and chief executive officer.”

“Its customer operations are located in the United States, Canada, China, Taiwan, Hong Kong and Europe.”

Springer Aerospace announced a week ago that it had been granted bankruptcy protection by the CCAA, barring legal action against Springer until at least December 2nd.

Springer has secured $1.5 million in debtor-in-possession financing to continue operations and get through the planned restructuring.

Springer’s largest obligation is with Caisse Desjardins Ontario Credit Union Inc., which is seeking to raise more than $5.7 million.

Some of the money Springer owes is expected to be covered by government loan guarantees.

SooToday Springer Aerospace is preparing for more insolvency coverage tonight or over the weekend.