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Actionable news in EAC: Erickson Air-Crane Incorporated,

Erickson Incorporated Receives Interim DIP Financing Approval

Company Receives Court Approval to Access Up to $49 Million in DIP Term Financing

PORTLAND, Ore., Nov. 11, 2016 (GLOBE NEWSWIRE) -- Erickson Incorporated (EAC)(the “Company”), a leading global provider of aviation services, announced today that United States Bankruptcy Court for the Northern District of Texas has approved key first day motions related to its voluntary Chapter 11 restructuring. The motions granted by the Court allow Erickson to fulfill current key customer contracts, pay employee wages, honor existing employee benefit programs, pay certain suppliers and foreign creditors, and will ensure that the Company continues normal business operations throughout the financial restructuring process.

The Court has authorized Erickson to immediately access up to $49 million of its $66 million debtor‐in‐possession 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 and will maintain Erickson’s longstanding commitment to safety, compliance, and customer service.

At the first day hearing in the Erickson Chapter 11 cases, Judge Harlin Hale...


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