Bankruptcy Proceedings Ongoing For Company That Said It Would Create Hundreds Of Jobs In SuperiorCity and county leaders in northern Wisconsin hold out little hope they’ll recover most of the money they awarded to a now-bankrupt aircraft company as part of plans to build a plane manufacturing facility in Superior. Kestrel Aircraft Company and its parent company ONE Aviation Corp. filed for bankruptcy last October along with 10 other subsidiaries. At the time of filing, the New Mexico-based business listed a total debt of more than $198 million. Of that, the company owes $53 million in loans to state and local governments, including around $3.4 million to the Wisconsin Economic Development Corp. In 2012, Kestrel pledged to create 600 jobs in Superior in what was billed as the city’s largest job creation project since World War II. The city’s redevelopment authority loaned Kestrel $2.6 million and Douglas County provided a $500,000 loan through its revolving loan fund. As of last fall, the company owed the city $1.7 million and Douglas County $479, 421, according to court documents filed in Delaware.... Ken Notes: Economic Development 101
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