MD Helicopters gets interim access to $12.5 million of DIP loan

By Sarah Lizee

Olympia, Wash., April 5 – MD Helicopters, Inc. received interim approval to access $12.5 million of a $60 million in debtor-in-possession financing from accounts managed by Bardin Hill and MB Global Partners, according to an interim order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The new financing, together with cash generated from MD’s ongoing operations, is expected to support the business throughout the sale process, as previously reported.

Interest will be 8.5%, and the loan is set to mature 150 days from the petition date.

The company also received interim court approval to access the cash collateral of its secured creditors.

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

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