PLATTSBURGH — Laurentian Aerospace Corp. is slowly moving forward.
"I hope to be able to make some announcement about how the financing will be structured and when the final closing will take place before the end of the year," Laurentian Aerospace Chief Financial Officer Andrew Edwards said Friday.
Laurentian Aerospace announced in 2006 it intended to build a 273,000-square-foot, two-bay hangar on the flightline at Plattsburgh International Airport for maintenance, repair and overhaul of wide-body jets.
The project was delayed after potential investors pulled back due to the international financial crisis.
The company announced it had made an initial closing on its financing deal on March 1. Site preparation work started, with a final closing expected by March 17.
That work stopped later in the spring due to delays in the final closing.
AEROSPACE COMPONENT
Last week, as the North Country Regional Economic Development Council presented its plan to the Strategic Plan Review Committee, Co-Chair Garry Douglas brought up Laurentian twice.
Discussing development of the airport, he told the review committee in Albany about the aeronautical industrial park with a tentatively major MRO (maintenance, repair and overhaul) operation that "we hope to close on and finalize in the coming weeks."
Later in the presentation, he said restoration and redevelopment of the Strand Theater in downtown Plattsburgh is essential to help complete the picture to recruit the hundreds of employees they would need in the next couple of years to support Laurentian Aerospace.
The Laurentian Aerospace project is tied to the aerospace component of the regional plan, Douglas said, but was not included because the company is seeking its own financing.
'STILL COMMITTED'
Edwards said the timeline Douglas mentioned might be a little optimistic but that Laurentian Aerospace is still moving forward with its lead investor, Verdant Capital Group.
"They remain committed to the project," he said.
He previously said there are three sets of documents that needed to be completed. The first is between Laurentian Aerospace and its suppliers, contractors and their counterparts.
The second is between Laurentian and Verdant Capital as to how Laurentian Aerospace will operate. The third is between Verdant and those who will supply it with equity financing.
Edwards previously said the delay had been beyond the company's control. Although he didn't say so, it appeared that meant the delay must be due to that third agreement.
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