Erickson Receives Court Approval
United States Bankruptcy Court for the Northern District of Texas granted Erickson’s request so they will have access to $60M to fund ongoing operations
Erickson, December 02, 2016 - PORTLAND, Ore. - Erickson Incorporated, a leading global provider of aviation services, today announced that on December 1, 2016, less than thirty days after granting Erickson’s request to borrow $49 million under a debtor-in-possession term loan facility (the “DIP Term Facility”) on an interim basis, the United States Bankruptcy Court for the Northern District of Texas granted Erickson’s request on a final basis.
Final approval of Erickson’s proposed financing results in Erickson having access to the full $60 million to provide sufficient liquidity to fund ongoing operations in the ordinary course of business and to maintain Erickson’s longstanding commitment to safety, compliance, and customer service.
"We are pleased with the additional investment from our lenders and the confidence they have displayed in Erickson by meeting our financing needs,” said President and CEO Jeff Roberts. “We will continue to work toward a final restructuring plan with the continued support of our customers and suppliers.”
Suppliers and other stakeholders can find additional information about Erickson’s reorganization at www.ericksoninc.com. In addition, court filings and other information related to the restructuring proceedings are available at www.kccllc.net/erickson.
About Erickson: Erickson (NASDAQ:EAC) is a leading global provider of aviation services and operates, maintains and manufactures utility aircraft to safely transport and place people and cargo around the world. The Company is self-reliant, multifaceted and operates in remote locations under challenging conditions specializing in Global Defense and Security, Manufacturing and MRO, and Commercial Services (comprised of firefighting, HVAC, power line, construction, timber harvesting, oil and gas and specialty lift). With roots dating back to 1960, Erickson operates a fleet of approximately 69 aircraft, is headquartered in Portland, Oregon, USA, and operates in North America, South America, Europe, the Middle East, Africa, Asia Pacific, and Australia.
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