PORTLAND, Ore. (KOIN) – Erickson Incorporated, a global company that provides aviation services, announced Wednesday that it and some of its subsidiaries voluntary filed for Chapter 11 bankruptcy.
In a statement, President and CEO Jeff Roberts said “Unfortunately, Erickson is not immune to the numerous business challenges currently facing the helicopter industry which have placed downward pressure on operating results and asset values.”
A restructing of the company will occur, but the company said the restructing will preserve an estimated 700 jobs and will “allow Erickson to continue to work with the vendors and suppliers around the world.”
Erickson’s economic impact in Oregon accounts for nearly $500 million annually. An estimated 300 of its employees are based in state, according to data provided by the company.
The company operates roughly 69 aircraft and is headquartered in Portland.