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Erickson emerges from bankruptcy as private firm Friday Apr 28, 2017 at 11:11 AM Apr 28, 2017 at 4:53 PM Local report Global aviation firm Erickson Inc., emerged from Chapter 11 court protection Thursday as a privately held firm after satisfying conditions of its reorganization. Erickson's manufacturing, maintenance, research and operational oversight of its S-64 helitankers and helicranes is primarily done at three Jackson County locations. "We are very pleased to have completed our financial restructuring in such an efficient and timely manner," President and CEO Jeff Roberts said in a statement. "Chapter 11 allowed us to achieve rationalization of our aircraft fleet and (remove) over $400 million in debt." Roberts said Erickson has significant liquidity to fund operations now and in the future. Reached while traveling on the East Coast, Roberts said a key element in reorganizing the company in five months was keeping everyday elements separated from corporate changes. "We really tried to have a select group of people focusing on restructuring and tried to keep it isolated from the rank and file, over the restructuring process, and even in the last two years," Roberts said. "Because of that we've lost just one customer and have actually been able to attract new customers." Roberts said Erickson is bidding on significant contracts that could expand the business. "As we win and secure contracts, we will evaluate our requirements for people," he said. "We've added some positions and done some limited recruitment and hiring. But we want to be very prudent going forward. Some of the hardest things in business are when you have to go to people and tell them you are downsizing or have a reduction in force." Erickson, buried in debt due to acquisitions, loss of U.S. military and firefighting contracts, and diminished oil exploration, filed for Chapter 11 protection last November. The U.S Bankruptcy Court for the Northern District of Texas confirmed reorganization March 22. "With a stronger financial foundation and reduced cost structure, we are well positioned under the new business model to fund our operations and to further develop and expand our business in order to better serve our customers and enhance value for all stakeholders for years to come," Roberts said. As provided in the plan of reorganization, the pre-petition first lien debt was satisfied in full and holders of the Erickson's pre-petition second priority senior secured notes received new common stock in exchange for their claims. The new ownership includes former bondholders.  — Reach reporter Greg Stiles at 541-776-4463 or [email protected]. Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at www.facebook.com/greg.stiles.31.