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LAXintl
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Joined: Wed May 24, 2000 12:12 pm

Evergreen Sells Helicopter Arm To Erickson

Fri Mar 29, 2013 8:16 pm

In what is a major shot of cash for troubled Evergreen International Aviation, has found a buyer for its helicopter division.

Portland based Erickson Air-Crane has agreed to acquire Evergreen Helicopters Inc and its 64 aircraft in a $250 million deal compromised of cash, assumption of debt and issuance of stock.

This should help pay some bills and keep the shrunk 747 operation at EZ going a bit longer.

Story:
http://www.bizjournals.com/portland/...erickson-air-crane-to-acquire.html

=

[Edited 2013-03-29 13:17:30]
From the desert to the sea, to all of Southern California
 
taxpilot
Posts: 66
Joined: Fri Sep 01, 2006 8:29 am

RE: Evergreen Sells Helicopter Arm To Erickson

Sun Mar 31, 2013 1:12 am

Wow! Del Smith must be very desperate. His empire started with the helicopters.
 
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LAXintl
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Joined: Wed May 24, 2000 12:12 pm

RE: Evergreen Sells Helicopter Arm To Erickson

Mon Apr 01, 2013 6:32 pm

Evergreen empire has been crumbling for a while.

- DC-9 domestic ops are long gone
- Loss making 747 operations shrinking after over reliance on military flying. Furloughs, and parking all the classic 747s
- Marana maintenance base sold in 2011
- 747 super tanker fizzled.
- Eagle ground services shrinking
- Pile of debt mounting.
- Current DOJ investigation regarding mixing monies between for profit enterprises, and the non-profit museum

and now sale of the helicopter division.
From the desert to the sea, to all of Southern California
 
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ramprat74
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RE: Evergreen Sells Helicopter Arm To Erickson

Mon Apr 01, 2013 8:35 pm

I didn't know Erickson Air-Crane was based in Portland now. They were down in Central Point for years. The Portland metro has two of the biggest heavy lift helicopter companies in the world based here now, Erickson and Columbia.
 
rsmith6621a
Posts: 1508
Joined: Fri Aug 05, 2005 2:21 pm

RE: Evergreen Sells Helicopter Arm To Erickson

Tue Apr 02, 2013 1:54 am

Quoting LAXintl (Reply 2):
Evergreen empire has been crumbling for a while.

- DC-9 domestic ops are long gone
- Loss making 747 operations shrinking after over reliance on military flying. Furloughs, and parking all the classic 747s
- Marana maintenance base sold in 2011
- 747 super tanker fizzled.
- Eagle ground services shrinking
- Pile of debt mounting.
- Current DOJ investigation regarding mixing monies between for profit enterprises, and the non-profit museum

and now sale of the helicopter division.

Dont forget not being able to pay the employees and the Oregon State L&I investigation.

By the time the old man pays off his liens he will likely only have about 2 months operational expenses then he will have to start using his own funds.
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