The Fairchild Corporation is the successor corporation of Fairchild Industries, Inc. In March 2009, the company filed for Chapter 11 bankruptcy protection.[1]Banner Aerospace was one of the company's major subsidiaries.[2]
The last major Fairchild asset sold was Fairchild Fasteners, a Sherman Fairchild company, which was sold to industrial corporation Alcoa for US$657,000,000 on December 3, 2002. It was subsequently renamed Alcoa Fasteners. In the summer of 2006, the corporation sold a shopping mall they had built on the Republic Airport property of Fairchild Hiller for US$95,000,000.[3]
Jeffrey Steiner was the company's CEO until his resignation in October 2008; he died a month later.[4] As of February 2009[update], the firm has been delisted from the New York Stock Exchange; a number of executives had recently left the company's senior management team, including Steiner's son, Eric; and the firm was being run by interim chief executive Phillip Sassower, the head of a New York private equity firm that is Fairchild's largest shareholder.[4]