Normal Operations Expected to Continue Without InterruptionCompany Seeking Approval of $180 Million In Debtor-In-Possession Financing PORTLAND, Ore., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Erickson Incorporated (NASDAQ:EAC) (the "Company"), a leading global provider of aviation services, announced today that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. During the Chapter 11 process, Erickson will operate in the ordinary course of business and with the same commitment to safety, compliance, and customer service that its partners are accustomed to. The Company expects to file a consensual plan of reorganization with the support of its major creditor constituencies within the first 50 days of the bankruptcy case, which the Company anticipates will dramatically reduce its total indebtedness and allow it to exit bankruptcy with a stronger balance sheet in early 2017. Concurrent with its Chapter 11 filing, Erickson has filed certain customary "first day motions", including a new debtor in possession financing from its first lien lenders and certain of its 2 nd lien bondholders, with the court to ensure a smooth transition into Chapter 11. Pending Court approval, the first day motions will allow the Company to operate in the ordinary course and maintain its critical customer and supplier relationships. 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. Operational integrity and safety continue to be our top priority, and this restructuring will in no way interfere with our performance and commitment to customer satisfaction. We have examined a number of alternatives and are convinced that a formal restructuring is the most effective path forward. We anticipate a controlled process that better positions us to serve our customers. We appreciate the work of our largest creditors, board, investors, and employees who are committed to transparent and timely communications with our customers, prospects, vendors, suppliers, partners and key regulatory agencies."