Aerobox finds new financing

AeroBox Composite Structures LLC(ACS), which filed for bankruptcy protectionunder Chapter 11 in January,has achieved a major milestone in itsprocess to re-organise when the US FederalBankruptcy Court in Albuquerque,New Mexico approved Debtor-In-Possessionfinancing that enables theCompany to continue to trade. Posterus Corporation, an investmentcompany that provides specialist DIPfinancing, is offering up to $4 millionin fresh funding to […]


AeroBox Composite Structures LLC(ACS), which filed for bankruptcy protectionunder Chapter 11 in January,has achieved a major milestone in itsprocess to re-organise when the US FederalBankruptcy Court in Albuquerque,New Mexico approved Debtor-In-Possessionfinancing that enables theCompany to continue to trade.

Posterus Corporation, an investmentcompany that provides specialist DIPfinancing, is offering up to $4 millionin fresh funding to support ACS. Thisnew credit line enables ACS to standon its own two feet after the collapseof its owner last year.

The funds will be applied bothto inventory build up and a capitalexpenditure investment programmedesigned to increase capacity and toimprove productivity and manufacturingefficiencies.

Robert Collins, the court approvedchief restructuring officer said: “Thecompany is now in the strongest financialposition it has been in for years.ACS has always continued to operate,despite the fact that it has been throughthe most volatile and uncertain periodof its existence. We delivered over 1,500ULDs in the six months ending January31, 2007. The company is now workingon a reorganisation plan that it expectsto place before the Court in the spring,in anticipation of exiting Chapter 11 inthe summer of 2007.