Workforce Caught in the Turmoil
Advisers warned CTL to prepare 40% workforce cuts starting Sept. 10. Crislip resisted, arguing layoffs would trigger WARN Act liability, drive skilled staff away, and reduce the company’s value for any potential buyer.
Although 14 employees were let go pre-bankruptcy, CTL said further cuts aren’t planned. The company currently employs 290 people in the Cincinnati area, producing aerospace engine and body parts to OEM specifications.
Betting on Chapter 11 Survival
Crislip said Chapter 11 is intended to preserve value, stabilize operations, and safeguard jobs, while positioning CTL for restructuring or a sale. With steady aerospace demand and long-standing client ties, CTL is banking on industry momentum to pull it through.
“The bankruptcy case has been filed to preserve value and operations, ensure supply to customers, and save the jobs of its workforce,” Crislip said.
Legal Counsel
CTL has retained Coolidge Wall Co. L.P.A., with attorneys Patricia J. Friesinger and Briana C. Breault steering the case. Bankruptcy counsel declined immediate comment Tuesday.
