On November 8, 2016, Erickson Incorporated and certain of its subsidiaries (the “Company”) filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division.
Under Bankruptcy Court supervision, the Company expects to file a consensual plan of reorganization with the support of its major creditor constituencies which the Company anticipates will significantly reduce its total indebtedness. Additionally, our first lien lenders and second lien noteholders have entered into a credit support agreement which is expected to result in approximately $60 million in new financing to further fund ongoing operations over the course of the restructuring.
This is, first and foremost, a financial restructuring. During the restructuring, the Company will operate in the ordinary course of business. The Company is committed to the same level of operational integrity, safety, compliance, and customer service that its partners are accustomed to. Ultimately, the reorganization will better position the Company for the future with lower costs, stabilized businesses, and significant revenue growth opportunities.
For additional information about the restructuring, please see below.
- Press Release 11-8-16 (click to download PDF)
- Press Release 11-10-16 (click to download PDF)
- Press Release 12-1-16 (click to download PDF)
- Press Release 12-8-16 (click to download PDF)
- General and Investor FAQ (click to download PDF)
- Suppliers FAQ (click to download PDF)
For Claims Information and Court Filings: www.kccllc.net/erickson
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