Erickson has received approval from the U.S. Bankruptcy Court for the Northern District of Texas for DIP financing.

As part of the first day motions related to the company’s voluntary Chapter 11 restructuring, the court has authorized Erickson to immediately access up to $49 million of its $66 million 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.

According to a related 8-K filing, Wells Fargo will serve as DIP revolving agent and agent for the first lien lenders.

At the first day hearing, Judge Harlin Hale granted all of the company’s requested first day relief.

Jeff Roberts, president and CEO of Erickson, commented, “We appreciate the work of our team and look forward to continuing the business of providing world class services.”

Portland, OR-based Erickson is a provider of aviation services and operates, maintains and manufactures utility aircraft to safely transport and place people and cargo around the world.

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Erickson Files Chapter 11, Wells Agents $180MM DIP