PORTLAND, Ore. (AP) - A struggling aviation company in Portland has filed Chapter 11 bankruptcy.
The Oregonian/OregonLive reports (https://is.gd/pZfYWb ) that Ericson 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 Ericson.
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.
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Information from: The Oregonian/OregonLive, https://www.oregonlive.com
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