Portland aviation company files for bankruptcy

Published 1:30 am Thursday, November 10, 2016

Associated Press

PORTLAND, Ore. — A struggling aviation company in Portland has filed Chapter 11 bankruptcy.

The Oregonian/OregonLive reported that Erickson Inc. filed for bankruptcy late Tuesday and said in a statement that it is going forward with a reorganization plan supported by its major creditors. Erickson said in a written statement it expects to exit bankruptcy and resume normal operations in 2017.

Bankruptcy documents show that some creditors have tentatively agreed to extend $60 million in financing to Erickson.

In August, Wells Fargo was threatening to charge the helicopter company $3.5 million fee if it can’t repay the $140 million credit line by Aug. 29. It is unclear if that payment was made.