Testori Americas and Aethon Aerospace in Slemon Park File for Bankruptcy

by San Antonio Attorney

Testori Americas Corp. and Aethon Aerospace Inc. have filed for bankruptcy on Sept. 23.  The first meeting of creditors will happen on Oct. 21.

Founder Lindo Lapegna was able to sell the two entities to TMC Avion about five years ago, but the two parties were caught up in very expensive lawsuits soon after that.

Testori, formerly named Wiebel Aerospace, and Aethon had around 200 employees at the height of their operations.

Wiebel stopped operating by the end of 2015 and Testori also closed in July 2016.  The two companies are owned by TMC Avion.

According to reports, Testori owes $11,824,949 to creditors, and Aethon has a total debt of $3,334,821.

Weibel and Testori were one of the pioneering companies in the Slemon Park aerospace area back in the 1990’s.

The two companies owe $1,036,815 in unpaid loans to the federal government.  They also owe $70,289 to the City of Summerside.  The bankruptcy filing’s effect to the city’s claim, which is its largest debt of the companies as of August, is still uncertain.

The Progressive Conservative Party of P.E.I. is seeking for explanations as to why the province denied a request for a freedom of information filed in connection to the sale of Testori and Wiebel to P.E.I. Westside Funding in 2013.

That sale drove the sisters companies into bankruptcy where a repayment plan to its creditors was prepared by the firm Price Waterhouse Cooper.  But neither Testori nor Wiebel was able to fulfill the plan and the bankruptcy case was dropped.

On June 6, a request was filed by the opposition leader asking for copies of legal documents about the deal between P.E.I. Westside Funding and the government.

That request was denied for the reason that the disclosure of legal documents may be detrimental to the law enforcers.

 

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