Hanga Talk
Erickson Incorporated Receives Interim DIP Financing Approval After Chapter 11 Filing
Erickson Incorporated recently announced that United States Bankruptcy Court for the Northern District of Texas has approved key first day motions related to its voluntary Chapter 11 restructuring. The motions granted by the court allow Erickson to fulfill current key customer contracts, pay employee wages, honor existing employee benefit programs, pay certain suppliers and foreign creditors, and will ensure that the company continues normal business operations throughout the financial restructuring process.
The Bankruptcy Court has authorized Erickson to immediately access up to $49 million of its $66 million debtor in possession (DIP) term financing. This financing, along with the company’s approved DIP revolver financing, will provide sufficient liquidity to fund ongoing operations in the ordinary course of business, and will maintain Erickson’s longstanding commitment to safety, compliance, and customer service.
At the first day hearing in the Erickson Chapter 11 cases, Judge Harlin Hale granted all of the company’s requested first day relief. Kenric Kattner of Haynes and Boone LLP began the hearing by giving an overview of the Chapter 11 cases and Erickson’s history, emphasizing the company’s long-standing safety record. Mr. Kattner also explained Erickson’s intent to exit bankruptcy quickly, noting that Erickson agreed to file a plan of reorganization within the first two months of the case. Eli Columbus, also of Haynes and Boone, presented two witnesses in support of the DIP financing proposal. David Lancelot, Erickson’s chief restructuring officer and CFO, testified that creditor support of the company, combined with the DIP financing, allows Erickson to continue serving its valued customers while creating a platform for growth.
Jeff Roberts, president and CEO of Erickson, was pleased with the results of the hearing, and commented, “We appreciate the work of our team and look forward to continuing the business of providing world-class services.”
As previously announced, on November 8, 2016, Erickson Incorporated filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. 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, which Erickson anticipates will dramatically reduce its total indebtedness and allow it to exit bankruptcy with a stronger balance sheet in 2017.
The Chapter 11 cases are being jointly administered under Case No. 16-34393 before the Honorable Judge Harlin D. Hale in the United States Bankruptcy Court for the Northern District of Texas.
Mecaer Aviation Group Receives Multiple Validations for H145 Mercedes-Benz Interior
Mecaer Aviation Group, Inc. (MAG) recently announced it has successfully validated its Airbus Helicopters H145 Mercedes-Benz interior with both the FAA and Brazil’s aviation authority, ANAC.
The STC encompasses the new Mercedes-Benz Style design, which is produced by MAG and MAG’s new engineering package for the H145T2. Interior options include MAG’s proprietary in-flight entertainment (IFEEL) and internal Wi-Fi.
The interior is offered in four different standard harmonies, which customers can combine with a real wood floor or a choice of sophisticated carpets. Further customization is also possible for a more personal style. The interior liners and the new light concept also contribute to the elegant and welcoming interior atmosphere. Multipurpose storage is made possible by numerous attachment points on the floor and walls and with a new and perfectly integrated cabinet, offering increased storage volume.
“The Mercedes-Benz interior for the H145 is truly remarkable,” said Armando Sassoli, co-general manager of Mecaer Aviation Group. “Given the rising demand and focus on the VIP market in both the U.S. and Brazil, we are confident these new STCs will open the door for a new level of elegance and passenger comfort.”
20
Nov/Dec 2016
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