New Delaware Chapter 11 Filing – USAE, LLC
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.
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