Turnaround expert to meet with Springer Aerospace workers

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

Patrick Walsh, president and managing director of Cedar Croft Consulting, tells SooToday he'll meet with 100 Springer staff on Tuesday.

Retained by Springer as chief restructuring officer, Walsh will be responsible for retaining the Echo Bay company's highly trained and certified workforce, leading it out of insolvency protection under the Companies' Creditors Arrangement Act (CCAA) as a going concern.

Cedar Croft Consulting maintains offices on Park Avenue in Manhattan and on Toronto's Bay Street.

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

"Pat acts as a project manager on assignments with middle-market companies to achieve turnarounds, both within and outside of bankruptcy filings."

"He is also highly experienced and efficient acting in the roles of chief restructuring officer, interim chief financial officer, and responsible officer."

"His client operations have been situated in the United States, Canada, China, Taiwan, Hong Kong, and Europe."

Springer Aerospace announced one week ago that it had been granted CCAA bankruptcy protection, preventing any legal actions against Springer until at least Dec. 2.

Springer has obtained $1.5 million in debtor-in-possession financing to continue operating and get through its planned restructuring.

Springer's biggest obligation is to Caisse Desjardins Ontario Credit Union Inc., which is looking to collect more than $5.7 million.

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

SooToday is preparing further coverage of the Springer Aerospace insolvency to run later tonight or over the weekend.