Testori group of aerospace companies seek creditor protection

Ryan Ross
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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.

rross@theguardian.pe.ca

twitter.com/ryanrross

Organizations: PricewaterhouseCoopers, P.E.I. Westside Funding

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Recent comments

  • Lindo
    January 17, 2014 - 17:07

    Thank you all a for the money. I miss living in PEI. I am back home now in Italy.

  • Secrets
    January 17, 2014 - 11:48

    I wonder if we need a SecureDrop website to allow the public to anonymously submit information to journalists in PEI regarding corruption. Anyone interested ?

  • Inside Employee
    January 16, 2014 - 17:16

    I see Robert Morrissey is listed as a unsecured creditor for $296,000 in the bamkruptcy. I guess he is allowed to file a claim for his commision in getting the $13 million in loans approved for Testori. Conflict of interest anybody ?

  • Upperdunker
    January 10, 2014 - 07:55

    And once again - terrible mismanagement of taxpayers' money by Ghiz his inept advisors. Makes me sick.

  • So much for Aerospace???
    January 10, 2014 - 06:33

    Check the scoresheet. Ghiz team have been the overlords of disaster and ruin in everything? funny eh?

  • Another Liberal Mess
    January 09, 2014 - 22:16

    This very incompetent Ghiz government has just blown 8 million dollars! Is this why Robert Ghiz recruited Alan Campbell, a defeated Minister of Industry, and made him his chief advisor for development. One of Alan Campbell' s failures looms large in the multiple largely vacant buildings at Upton Park!!

  • A MATTER OF TIME
    January 09, 2014 - 18:34

    When Robbie and Wes dumped the 13 million owed last year for 5 million anyone who can think should have seen this coming. They tried to drop any contact with the company by getting rid of the debt that the company owed them. As with any of the large companies on PEI, when the taxpayers money stops coming the companies start going.

  • I Wonder
    January 09, 2014 - 17:57

    I wonder just how much this has cost us the taxpayer of PEI ?????????

  • Dick
    January 09, 2014 - 17:40

    Congratulations to the province for loosing 13 million. The directors of Testori are living it up in Italy and California.

  • Remember Back Folks
    January 09, 2014 - 17:17

    Islanders memories are too short if they forget this. Saw this coming last Summer. Go Robert Go, Go Robert Go, Please go Robert