Tilton Out at MD Helicopters | Aviation International News

Tilton Out at MD Helicopters

MD is continuing normal operations.

By Mark Huber • Contributor

March 27, 2020

The colorful and controversial reign of Lynn Tilton at MD Helicopters is over. Tilton appears to have relinquished control of MD Helicopters and other portfolio companies of Patriarch Partners following rulings by a Delaware bankruptcy court earlier this month. MD is continuing normal operations. Tilton served as CEO of both Patriarch and MD.

Patriarch bought “distressed” companies via funding from a series of collateralized loan obligations (CLOs) marketed through Patriarch via its $2.5 billion “Zohar” funds. Tilton placed the funds into bankruptcy in 2018 in what now appears an unsuccessful attempt to keep Patriarch’s portfolio from being liquidated by Zohar creditors including bond insurer MBIA, which insured $1 billion worth of Zohar notes. Combined debt of the funds is estimated at $1.7 billion.

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