New Delaware Chapter 11 Filing – USAE, LLC

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USAE, LLC, f/k/a U.S. Aerospace LLC, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-11778).  Based in Wilmington, DE, USAE produces aircraft assemblies, structural components and highly engineered, precision machined details for the U.S. Government, U.S. Airforce and companies such as Lockheed Martin and Boeing.  In the First Day Declaration, USAE cites limited liquidity and ongoing disputes with several of its secured lenders as the cause of its filing.  USAE reports $25.25 million in assets and $19.56 million in liabilities; of the reported assets, $5 million is attributed to an insurance policy and $20 million to causes of action.  No claims or noticing agent has been proposed.  The case has been assigned to the Honorable Kevin J. Carey.


Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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