South Africa-Founded Defense Firm Puts Units in Bankruptcy
- Firm says it put units in bankruptcy to address arbitration
- Paramount began making Mwari aircraft in South Africa in 2022
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Defense company Paramount filed for bankruptcy in the US after suffering defeat in a long-running business dispute.
The United Arab Emirates-based company, founded by Ivor Ichikowitz in South Africa, filed for Chapter 11 Thursday in Delaware. It listed assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million in its bankruptcy petition.