The Business Rescue Practitioner of Aerospace Development Corporation (Pty) Ltd (“ADC”), the manufacturer of the AHRLAC aircraft, has announced the successful adoption of a Business Rescue supported by Paramount Aerospace Holdings (Pty) Ltd, a Paramount Group company.
Paramount Group is a global aerospace and technology company, with multiple aerospace, defence and technology companies in its global portfolio.
The Business Rescue Plan will secure the future of the AHRLAC aircraft, its employees and will see the resumption of sales, marketing and manufacturing of the aircraft to customers around the world.
Paramount Group has already injected new capital in the form of post commencement funding, and will inject significant further capital into the business over the coming months.
Paramount is committed to building a strong sustainable aircraft and aerospace systems capability in South Africa and this transaction supports this objective.