MD Helicopters gets court approval to sell assets to creditor group

By Sarah Lizee

Olympia, Wash., June 17 – MD Helicopters, Inc. received court approval to sell its assets to a creditor consortium led by Bardin Hill and MBIA Insurance Corp., according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The group served as stalking horse bidder for the assets and was named winning bidder by the company after it received no other qualified bids by the deadline.

The purchase price is a credit bid against $150 million of debt under a term loan agreement and an assumption by the group of up to $60 million of debtor-in-possession obligations. The credit bid will be increased by the difference between $60 million and the outstanding DIP debt being assumed, up to a maximum increase of $30 million.

The Mesa, Ariz.-based helicopter manufacturer filed Chapter 11 bankruptcy on March 30 under case number 22-10263.

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