If aerospace had a Phoenix, the mythical bird that is cyclically reborn, it might be Vought Aircraft. But like the Phoenix, it looks as if Vought is about to be burned again. In a late-in-the-day filing May 5 with U.S. securities regulators, embattled aerospace supplier Triumph Group—the Vought owner undergoing a turnaround effort—said as part of a new credit deal with PNC Bank that there was an option to begin voluntary insolvency proceedings of its Vought entities, now known ...

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