Erickson Air Crane troubles continue.

[Three Lima Charlie]

Erickson's high anxiety mounts as primary lender seeks repayment | OregonLive.com (http://www.oregonlive.com/business/index.ssf/2016/08/ericksons_high_anxiety_mounts.html)

[MightyGem]

Perhaps things will improve with the recent release of the BFG film. :)

[chopper2004]

Hmmm, a couple of thoughts and questions here w.r.t article

-who got the USFS contract?

-Erickson is the sole STC holder / in effect a mini OEM for Aircrane (albeit re cycled airframes). They supply / sold to various operators worldwide if not have the market share of firefighting and aerial logging (much cheaper than leasing a Mi-26) with operators/operations in Canada, Italy, Greece, RoK, and China. Plus once fire fighting season is over in the summer, am sure there is plenty of logging work to keep people singing for their supper.

Plus recently has not Erickson is getting involved in composte blades

http://www.verticalmag.com/press-releases/erickson-marks-first-flight-advanced-composite-main-rotor-blades/

- Acquistion of Evergreen Helicopters raises questions and its quoted as being ill fated - did not Evergreen have several contracts worldwide especially with the DoD - such as providing EMS/Medevac at Schofield Military Baracks / Wheeler AAF , VERTREP contract with Military Sealift Command,

I am guessing the vibe from the article, is if they had not taken over Evegreen Helicopter division and kept focused on the Aircrane side than things might be better....

And if worst case scenario - Chapter 11 and beyond - could it be the end of the Aircrane flying as we know it?

Any thoughts?
Cheers

[hueyracer]

After purchase, several of those contracts did not come, were canceled or terminated...

EHI owes many people a lot of money (which is normal in this industry-flying is expensive, and lots of money is changing hands for simple things like fuel).....

[SASless]

They may shed non-Sky Crane business and assets but continue on doing what they do best.

Even if it goes under....there is a need for the Sky Crane unless Columbia and some other Chinook Operators begin to get into their Turf while they go through a re-organization or re-birth.

[chopper2004]

Erickson Incorporated files Chapter 11 ? Vertical Magazine (http://www.verticalmag.com/news/erickson-incorporated-files-chapter-11/)

[onetrack]

I'll hazard a guess that having a fleet of both rotary and fixed wing aircraft that has at least 12 different types and models in it, as well as the two different flight styles, isn't exactly the way to ensure a low cost base, when it comes to corporate operating costs.

In addition, effectively throwing away $18.5M to settle a lawsuit over a poorly-handled takeover, is also a guaranteed way to get into financial strife.

Maybe the directors need some additional training in how to manage companies effectively, and how to do so, with the primary company aim totally and permanently focused on operating profitably.

[SASless]

Seems more awkward news for Erickson.

Mystery silence at Erickson Inc. ends with bankruptcy filing | OregonLive.com (http://www.oregonlive.com/business/index.ssf/2016/11/mystery_silence_at_erickson_in.html)

[Sir Korsky]

Here's the best bit..

Wall Street investor Wasserstein Co. bought the gift company in 2004. At Wasserstein's direction, the company's long-term debt soared from zero to $245 million. Harry and David sent $84 million of the cash straight back to Wasserstein and its partners to cover their acquisition costs. Oy vey!

[imuney]

not sure why someone would post a more than two month old article, there is absolutely nothing mysterious about this. Lots of information out about EAC's prepackaged Chapter 11 filing.

[SASless]

not sure why someone would post a more than two month old article, there is absolutely nothing mysterious about this. Lots of information out about EAC's prepackaged Chapter 11 filing.

Perhaps you could post some of it!

[heliwatcher]

Convenient that they filed in the same court as CHC. Looks like the debtor's met on Dec 19 and they are in the process of figuring out the rejected leases.

Here are the court documents:

Erickson Incorporated, et al. (http://www.kccllc.net/erickson)