Northstar Aerospace’s Former Owner Is Ejected From Chapter 11

NSA (USA) Liquidating Corp., the former owner of aircraft-part maker Northstar Aerospace (USA) Inc., was ejected from bankruptcy because it has no unencumbered assets and can’t confirm a Chapter 11 plan (In re NSA (USA) Liquidating Corp.order dismissing).

More than two years after its business was sold to Wynnchurch Capital Ltd.'s Heligear Acquisition Co. for $70 million, the company asked the Delaware bankruptcy court to dismiss the Chapter 11 cases, saying any remaining assets are consumed by lenders’ liens and there’s nothing to gain from conversion to Chapter 7, where a trustee is appointed.

While the company repaid ...