Tulsa aerospace giant Nordam files for Chapter 11 bankruptcy protection. The company says the action was voluntary and was brought about by a long-standing contract dispute with Canada’s Pratt and Whitney engine maker.
Nordam will continue to operate.
The company says the action protects its 2,500 workers, 1,800 of which are in Tulsa.
Chamber of Commerce CEO Mike Neal:
“NORDAM is an international leader in the aerospace and aviation industry, which is a critical sector of the Tulsa region’s economy. While we at the Tulsa Regional Chamber are disappointed to learn this news, we will continue to support them in any way we can. They have made the right decision to help protect their employees, preserve the company’s future and remain a vibrant part of our regional economy for decades to come. A number of companies in Tulsa have emerged stronger following Chapter 11 reorganization proceedings, and I’m sure this will be the case with NORDAM as well. We at the Chamber have tremendous respect for Meredith Siegfried Madden and her entire leadership team, and I’m confident they will succeed and continue as an employer of choice and a keystone of our aerospace and aviation industry.”