Northstar Aerospace (TSE:NAS) said Friday that due to current financial difficulties, the company will not file its audited finanical statements for the 2011 year by the deadline of March 30, as originally planned.
The manufacturer of flight gears and transmissions is in the midst of reviewing recorded asset values and liabilities with its advisors related to the completion of its 2011 year-end statements, and said that the review could result in "material" charges.
Northstar said it is uncertain as to when it will be able to finalize its financial statements and related disclosures, and continues its process of exploring strategic alternatives.
The company also said that the forebearance agreement it has with a syndicate of lenders for its existing credit facility has been extended. Under the agreement, the lenders have said they will forbear from exercising their rights under the credit facility through April 6, 2012.
As previously disclosed in company's interim financial statements as of September 30, "significant doubt remains regarding the corporation's ability to continue as a going concern", it said.
Chicago-based Northstar Aerospace has operating subsidiaries in the United States and Canada. Its main products include helicopter gears and transmissions, accessory gearbox assemblies, rotorcraft drive systems and other machined and fabricated parts.
The company also provides maintenance, repair and overhaul of components and transmissions. Its plants are located in Chicago, Illinois, Phoenix, Arizona, Milton and Windsor, Ontario, Canada.
Its shares have sunk more than 80 percent in the last year.