Helicopter company seeks bankruptcy protection | The Colpitts Law Firm
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Helicopter company seeks bankruptcy protection

Millions of consumers in Oklahoma and all sections of the country have likely enjoyed lower gas prices. While this may help reduce the costs of their commute, it has left many companies tied to the energy industry struggling financially. One such company, Erickson, has recently followed the path of other companies by filing for bankruptcy.

The company sites several reasons for its decision. Reports indicate that the company's acquisition of Evergreen Helicopters in 2013 for $298 million left the company in significant debt. As a result, it reduced the number of services it offered.

Simultaneously, a decline in oil exploration and energy prices occurred globally. The company is also said to have lost several government contracts around the same time, further reducing its revenue. Those who run the company are hopeful that the decision to seek bankruptcy protection will allow them to restructure the company in such a way that it can continue to run normally, thereby protecting approximately 1,000 jobs.

Many companies in Oklahoma and across the country may choose to take a gamble -- including the acquisition of a company -- in order to increase their success. However, when such a gamble coincides when unforeseeable market conditions, a company may struggle. In order to save it, decisions makers must make tough choices. In many cases, this includes deciding that restructuring the company by filing for bankruptcy is the best option for the continued success of the company. An experienced attorney can help these companies fully understand each path as well as the ramifications of each choice. 

Source: mailtribune.com, "Erickson files for Chapter 11 bankruptcy", Greg Stiles, Nov. 9. 2016

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