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AeroCision Parent and its affiliates filed chapter 11 in Delaware on July 31, 2023 from 12-A Inspiration Lane in Chester, Connecticut. The debtors described themselves as the U.S. machining arm of Bromford Group, producing precision aerospace and defense components for major OEMs including GE Aviation, Pratt & Whitney, and Rolls Royce. At filing, the business employed about 132 workers across Chester and Orange, Connecticut, and projected roughly $63 million of sales for the twelve months ending September 2023. source filing source filing
The filing came after a sharp operating deterioration: management said revenue fell from about $79 million in FY2019 to about $55 million in FY2022 as COVID disruption, fixed-price contracts, inflation, labor and freight pressure, and customer inspection changes compressed liquidity. The capital structure at the petition date included about $97.224 million of first-lien debt, $26.25 million of second-lien debt, and $3.74 million of superpriority debt, and the cases were launched with a prepackaged plan plus a committed $12.5 million DIP led by Citizens Bank and supported by Ally Bank, Channel Funding, and Siemens Financial Services. The DIP imposed an accelerated timetable, including plan filing within three days and a combined disclosure statement and confirmation hearing within 45 days. source filing source filing
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