Sat, Apr 02, 2022
Future Looking Up for Little Bird Manufacturer
Things are finally "coming up Milhouse" for MD Helicopters following the announcement that will see the company through its current rough patch after an infusion of $60 million in new capital.
MD Helicopters, famous manufacturer of the Hughes MD 500, or 'Little Bird' after its common military nickname, has entered into an agreement with a creditor consortium led by Bardin Hill and MBIA Insurance Corporation. The group will acquire almost all of MD Helicopter's assets and bring forth $60 million in new capital to "strengthen MD’s financial position and support the Company’s continued ability to manufacture and service its high-performance helicopters," according to the company's release disclosing the matter.
MD continued: "As part of the transaction, we have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code," which "is expected to provide for a quick and orderly sale of the Company" with the involvement of the court.
MD has assured the public that things will, in so many words, "keep on, keepin' on" during the sale process, with no break in customer support, manufacture, or day to day operations. They say they retain "ample liquidity to meet our business obligations, including a commitment for additional new financing in connection with this process".
The sale is expected to "proceed expeditiously", and from all indications at the moment it seems there is little to stand in the way of a speedy continuation. MD reassured customers in a separate Q&A, saying that Bardin and MBIA that they are "led by longtime supporters and investors in MD" that "believe MD is on an exciting growth trajectory" as it is, precluding any operational changes in the future.
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