{"id":8404,"date":"2016-11-09T15:33:45","date_gmt":"2016-11-09T15:33:45","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=8404"},"modified":"2016-11-09T15:33:45","modified_gmt":"2016-11-09T15:33:45","slug":"erickson-air-crane-grounded-chapter-11-petition-filed","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/erickson-air-crane-grounded-chapter-11-petition-filed\/","title":{"rendered":"Erickson Air-Crane grounded, Chapter 11 Petition Filed"},"content":{"rendered":"

Erickson<\/a> (f\/k\/a Erickson Air-Crane) and six affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 16-34393.<\/p>\n

The Company, which provides aviation services to commercial and governmental entities worldwide, is represented by Kenric D. Kattner of Haynes and Boone.<\/p>\n

\"0824-Erickson-Air-Crane\"<\/p>\n

The Company expects to file a consensual plan of reorganization, with the support of its major creditor constituencies, within the first 50 days of the bankruptcy case. Erickson anticipates that the plan will dramatically reduce its total indebtedness and allow it to exit bankruptcy with a stronger balance sheet in early 2017.<\/p>\n

The Company also announced that it has arranged for debtor-in-possession financing from its first lien lenders and certain of its second lien bondholders.<\/p>\n

President and C.E.O., Jeff Roberts, comments, \u201cUnfortunately, Erickson is not immune to the numerous business challenges currently facing the helicopter industry which have placed downward pressure on operating results and asset values\u2026.We have examined a number of alternatives and are convinced that a formal restructuring is the most effective path forward.\u201d<\/p><\/blockquote>\n

C.F.O David Lancelot adds, \u201cWe are fully supportive of a creditor support agreement that certain of our first lien lenders and second lien noteholders have entered into which is expected to result in approximately $60 million in new financing from a group of our noteholders\u2026.We believe that Erickson will emerge a financially stronger company at the conclusion of an expeditious bankruptcy process.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Erickson (f\/k\/a Erickson Air-Crane) and six affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 16-34393. The Company, which provides aviation services to commercial and governmental entities worldwide, is represented by Kenric D. Kattner of Haynes and Boone. The Company expects to file […]<\/p>\n","protected":false},"author":1,"featured_media":8405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,12],"tags":[523],"yoast_head":"\nErickson Air-Crane grounded, Chapter 11 Petition Filed - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/erickson-air-crane-grounded-chapter-11-petition-filed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Erickson Air-Crane grounded, Chapter 11 Petition Filed - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Erickson (f\/k\/a Erickson Air-Crane) and six affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 16-34393. 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