Erickson Files for Chapter 11 Bankruptcy Protection | Aviation International News

Erickson Files for Chapter 11 Bankruptcy Protection

The move comes after Portland, Oregon-based Erickson missed scheduled November 1 debt interest payments.

By Mark Huber • Contributor

November 10, 2016

Add Erickson to the growing list of OGP helicopter companies seeking financial reorganization: it filed Chapter 11 bankruptcy November 8 in the U.S. Bankruptcy Court Northern District of Dallas, listing $561 million in debt. The move comes after Portland, Ore.-based Erickson missed scheduled November 1 debt interest payments and days after the resignation of former chairman Quinn Morgan from Erickson’s board. Companies controlled by Morgan bought Erickson in 2007, took it public in 2012 and engineered its 2013 acquisition of Evergreen Helicopters and Air Amazonia, which loaded down Erickson with $355 million in debt at the same time the global oil-and-gas market was collapsing.

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