July 24, 2017 10:00 PM ET

Aerospace and Defense

Company Overview of NC Dynamics Inc.

Company Overview

NC Dynamics Inc. provides parts manufacturing services to the aerospace industry. The company specializes in machining and assembling various materials, including aluminum, titanium, inconel, stainless steel, tool steels, and non-metallic materials. Its services include three, four, and five axis milling; CNC turning; and conventional machining and assembly. The company was founded in 1979 and is based in Long Beach, California. As of March 5, 2012, NC Dynamics Inc. operates as a subsidiary of Aerospace Holdings, Inc.

3401 East 69th Street

Long Beach, CA 90805

United States

Founded in 1979

Phone:

562-634-7392

Fax:

562-634-6220

Key Executives for NC Dynamics Inc.

NC Dynamics Inc. does not have any Key Executives recorded.

NC Dynamics Inc. Key Developments

Bidding Procedure Approved for Aerospace Holdings, Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Aerospace Holdings, Inc. on April 20, 2017. The Court approved the asset purchase agreement between the debtor and Harlow Aerostructures LLC, the stalking horse bidder, for a purchase price of $16 million in credit bid and $0.05 million in cash pursuant to the asset purchase agreement dated March 28, 2017. Each qualified bidder must make a good faith deposit of 10% of the proposed purchase price. To qualify as a qualified bidder, interested parties should submit their bids by April 28, 2017. The initial minimum overbid should be at least $16.6 million in cash. The stalking horse bidder would be entitled to a break-up fee of $0.3 million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The hearing on bidding procedure withdrawn and auction is cancelled.

Interim DIP Financing Approved for Aerospace Holdings, Inc.

The US Bankruptcy Court gave an order to Aerospace Holdings, Inc. to obtain DIP financing on an interim basis on March 29, 2017. As per the order, the debtor has been authorized to obtain a multiple draw term loan facility in the amount of $1.2 million out of $1.534 million from Harlow Aerostructures LLC. The DIP loan would carry an interest rate of 7% p.a. along with an additional 3% p.a. interest in the event of default. The DIP facility would mature either on May 9, 2017 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. The DIP Facility will used exclusively to pay certain costs relating to the administration of the Cases and otherwise in a manner consistent with the terms of the DIP Facility and the Approved Budget. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.1 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing date has been scheduled for April 12, 2017.

Motion for Asset Sale Filed by Aerospace Holdings, Inc.

Aerospace Holdings, Inc., along with its affiliates, filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on March 28, 2017. The debtors seeks the Court’s approval for the sale of substantially all of their assets to Harlow Aerostructures LLC, the stalking horse bidder, for a purchase price of $16 million in credit bid and $0.05 million in cash pursuant to the asset purchase agreement dated March 28, 2017. Each qualified bidder must make a good faith deposit of 10% of the proposed purchase price. To qualify as a qualified bidder, interested parties should submit their bids by April 28, 2017. The initial minimum overbid should be at least $16.6 million in cash. The debtor has scheduled an auction on May 2, 2017. The stalking horse bidder would be entitled to a break-up fee of $0.3 million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 4, 2017. Loeb & Loeb LLP acted as advisors to the buyer.

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