Global aviation services company Erickson, which filed for relief under Chapter 11 in the Bankruptcy Court for the Northern District of Texas, Dallas Division on November 8, 2016, submitted a motion on March 16, 2017 seeking court approval for an exit financing facility with MidCap Financial Trust.

Pending court approval, MidCap will provide Erickson with a new first lien credit facility in an aggregate principal amount of up to $150 million.

“Access to the new first lien credit facility is one of the key components of the debtors’ restructuring and essential to emergence from the Chapter 11 cases. Specifically, without entry into the commitment letter and the fee letter, the debtors and their stakeholders would have no assurance that they would be able to make the distributions required under the plan and emerge from bankruptcy protection,” the motion read.

The court will hear the matter on March 21, 2017.