Discovery Air has been protected under the Companies’ Creditors Arrangement Act and will begin the court-supervised sale process of their three NWT based companies.
The company currently owns Air Tindi, Great Slave Helicopter Tours and Discovery Mining. In a release, the company announced it will sell those companies as well as its remaining defense business to help deal with mounting debt.
The company sold a 16% stake in DA Defence for twenty five million in December, but still hold 10%.
KSV Kofman Inc.is the company monitoring the sale. They declined to comment.
Clairvest Group Inc. is Discovery’s largest creditor, and has put forward a bid for the subsidiary companies.
The sale isn’t expected to affect employees of these three northern companies.