Northstar Aerospace forbearance extended through April 6 from March 23

By Caroline Salls

Pittsburgh, March 23 - Northstar Aerospace, Inc.'s forbearance agreement with a syndicate of credit facility lenders has been extended through April 6, according to a news release.

The forbearance period was previously scheduled to expire on March 23.

Northstar said its management is reviewing several matters related to recorded asset values and liabilities in conjunction with the completion of its 2011 year-end financial statements. The company said the review could result in significant charges to the financial statements for the fiscal year ended Dec. 31.

Because of its current financial difficulties, Northstar said it will not file its audited financial statements for the year ended Dec. 31, the related management's discussion and analysis and the related chief executive officer and chief financial officer certificates by the deadline of March 30.

The company said that it is not sure when it will be able to finalize its financial statements and related disclosures.

According to the release, Northstar is continuing its process of exploring and evaluating strategic alternatives.

The company said significant doubt remains regarding its ability to continue as a going concern.

Northstar is a Chicago-based maker of flight critical gears and transmissions.

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