Tamarack Aerospace Group has received final US Bankruptcy Court authorisation to accept the full amount of its $1.95 million in committed debtor-in-possession (DIP) financing. The new liquidity is provided by a consortium of friendly investors that includes existing Active Winglet customers, vendors and other company stakeholders who are committed to Tamarack's future.

President Jacob Klinginsmith says: “In a matter of a few days, these supporters stepped forward enthusiastically to participate in this opportunity. They understand our industry and believe in the long-term value of our innovative Active Winglet product. This financing from friendly investors is now the only debt secured by our IP and is an important step in our reorganisation which allows us to continue serving our expanding fleet.’

Tamarack voluntarily filed for chapter 11 bankruptcy in June after EASA and the FAA issued Emergency Airworthiness Directives (EADs) against its Atlas Active Winglets, which effectively grounded those CitationJets installed with the sytem. Restrictions were lifted by both associations in July of this year, and aircraft could resume normal flying if compliant with existing product improvements: enhanced reliability of the TACS control unit and incorporation of centring strips attached to the upper and lower trailing edge of the Active camber surface.

Klinginsmith adds: “We're excited to be back on track with our sales and installation process. We have several installations scheduled or in process now, and we're seeing strong interest. It's going to be a good second half of the year.”

Idaho-based Tamarack Aerospace Group invented and patented the Atlas Active Winglet system, comprised of a wing tip extension, a highly tuned winglet, wing loading sensors and a moveable load alleviation surface. The fully autonomous, fail-passive, load alleviation system counteracts gust or manoeuver-induced wing loading. Tamarack’s certified Active Winglets for Cessna CitationJet 525, 525A and 525B provide greater efficiency, without the weight penalty of structural reinforcement required by passive winglets, and typically provide better fuel economy, performance gains and increased asset value.