Erickson emerges from bankruptcy

Above: An Erickson Air-Crane reloads with retardant while fighting the Beaver Fire in northern California, August 12, 2014. Photo by Bill Gabbert.

Erickson Incorporated, known to wildland firefighters for their Air-Crane helicopters that can carry up to 2,500 gallons of water, has emerged from bankruptcy after declaring for Chapter 11 on November 8, 2016. Soon after the company purchased Evergreen Helicopters and Air Amazonia and their 78 aircraft in 2012 and 2013 the bottom fell out of the oil exploration industry and they lost military and firefighting contracts. Suddenly finding themselves no longer a small business Erickson lost their eligibility to compete for U.S. Forest Service firefighting contracts.

President and CEO Jeff Roberts said on April 28, 2017, “We are very pleased to have completed our financial restructuring in such an efficient and timely manner. Chapter 11 allowed us to achieve rationalization of our aircraft fleet and deliver our balance sheet by over $400 million in debt. We are exiting the restructuring process with significant available liquidity to fund the company’s present and future business opportunities.” Mr. Roberts continued, “With a stronger financial foundation and reduced cost structure, we are well positioned under the new business model to fund our operations and to further develop and expand our business in order to better serve our customers and enhance value for all stakeholders for years to come.”

Mr. Roberts said the company will move forward as a privately-held small business, effective immediately.

Susan Bladholm, a spokesperson for Erickson, told us that they currently have 20 Air-Cranes, but could not comment on the potential to bid on or obtain firefighting contracts since the company is under new ownership and some issues still need to be worked out.