PALM BEACH, Fla., Sept. 26 (UPI) -- The majority of Airtronic USA's creditors have approved an amended Chapter 11 bankruptcy plan, paving the way for its acquisition by Global Digital Solutions.
The small arms manufacturer filed its reorganization plan in August with the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, which will hold a confirmation hearing next week.
Global Digital Solutions Inc., which announced the creditor vote, said the plan will allow Airtronic USA to emerge from Chapter 11 with "adequate working capital to compete effectively as an innovative leader in small arms manufacturing."
"We're delighted that a solid majority of Airtronic's creditors have voted affirmatively on the plan," said GDSI's President and Chief Executive Officer Richard J. Sullivan. "We look forward to the court's formal confirmation of the plan at the scheduled hearing on October 2. Beyond that, we're looking forward to completing the merger process with all deliberate speed."
Airtronic manufactures small arms and small arms spare parts for the U.S. Department of Defense, foreign militaries, and law enforcement. Among its products are grenade launchers, rocket propelled grenade launchers, grenade launcher guns, flex machine guns, grenade machine guns, rifles, and magazines.
Global Digital Solutions Inc. describes itself as a company "positioning itself" as a leader in providing small arms manufacturing, complementary security and technology solutions and knowledge-based, cyber-related, "culturally attuned" social consulting in unsettled areas.