Leaner, Focused Erickson Emerges from Bankruptcy | Aviation International News

Leaner, Focused Erickson Emerges from Bankruptcy

The reorganized company qualifies for small-business set-aside contracts.

By Mark Huber • Contributor

May 15, 2017

Utility-rotorcraft service provider Erickson has emerged from bankruptcy proceedings and appointed Andy Mills as interim CEO. Erickson filed for reorganization in November listing debts of $561 million, largely resulting from its 2013 acquisitions of Evergreen Helicopters and Air Amazonia and government and oil services contracts that either folded or never materialized. As part of the reorganization, Erickson divested itself of Air Amazonia and most of the mixed fleet of helicopters that came with the Evergreen acquisition. It also wiped out $400 million in debt, numerous aircraft leases and leases at “onerous rates,” Mills said. “We were also able to restructure our ownership. Our new owners are a widely diverse group of shareholders and some former bond holders. We've improved our liquidity tremendously.” With the new ownership, Erickson is now classified as a small business and qualifies for small-business set-aside contracts.

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