Portland, Ore. – Erickson Incorporated has announced that it and some of its subsidiaries have filed for Chapter 11 bankruptcy.
In a press release, Erickson Inc. said during the Chapter 11 process, the company will continue to operate as normal.
The release goes on to say the company expects to file a reorganization plan with its creditors, which should dramatically reduce the company’s debt and allow it to exit bankruptcy with “a stronger balance sheet in early 2017.”
President and CEO Jeff Roberts said in part, “Unfortunately, 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.”
According to Erickson Inc., the restructuring is expected to preserve jobs for more than 700 employees, 300 of which are based in Oregon.
You can view the court filings and other information related to the restructuring at http://www.kccllc.net/erickson.
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