© Photo special to The Guardian
Testori's Bloomfield, Prince Edward Island plant seen here in the centre, in blue. The plant is located in the West Prince Business Park in Bloomfield. Testori also has a plant in Slemon Park.
The Testori group of aerospace companies has hit another snag as it was granted protection from its creditors last month.
On Dec. 19, P.E.I. Supreme Court Justice Ben Taylor issued an order that appointed PricewaterhouseCoopers as the monitor for Testori Americas and Wiebel Aerospace.
The companies, which employ about 140 people, can continue to operate while under creditor protection.
The creditor protection comes after the provincial government sold its securities in loans to Testori for $5 million last year to Delaware-based P.E.I. Westside Funding.
P.E.I. Westside Funding in turn called in its loans and filed a lawsuit against several parties in July 2013 seeking more than $13 million it said it was owed.
With the creditor protection, there is also an order that grants a stay of proceedings against the Testori companies.
More details to come later online and in tomorrow’s print and E-editions.