The completion of the takeover was announced on 9 September, and follows the initiation of an Asset Purchase Agreement and the filing for reorganization under Chapter 11 bankruptcy rules in March 2022.
The process was supported by a commitment of approximately US$60 million in debtor-in-possession (DIP) financing from Bardin Hill and MB Global Partners. MD Helicopters also continued regular operations throughout, using its revenue to support the business through the transaction process.
The new owners have appointed a host of new board members
Following the take-over, Brad Pedersen has been appointed as the company’s new President and CEO. Pedersen brings with him 35 years of experience in the aerospace sector, having previously worked in positions at Boeing, Sikorsky, Breeze-Eastern and Hughes Helicopters.
“MD Helicopters has been an iconic name in the rotorcraft industry, and we will build on this rich heritage to serve and support our customers worldwide. Our immediate focus is to dramatically improve Customer Support, foster strong Supplier Relationships, and implement an aggressive Aircraft Sales Plan,” he said.
Other new board appointees include:
- Edward Dolanski, Chairman of the Board – previously President for Government Services at Boeing
- Gustave Perna, Board Member (chair, governance & compliance committee) – previously Chief Operating Officer for Operation Warp Speed, the US government initiative to develop, manufacture and distribute Covid-19 vaccines and therapeutics
- Paul “Flip” Huffard, Board Member (chair, audit committee), a 30+ year restructuring veteran, previously Senior Managing Director at Blackstone’s Restructuring and Reorganization Group
- Anthony McKiernan, Board Member – Chairman and Chief Financial Officer of MBIA Insurance
- Daniel Avitabile, Board Member – President and Chief Risk Officer of MBIA Insurance
- John Greene, Board Member – Partner and Portfolio Manager at Bardin Hill.
MD Helicopters was also previously announced as the winner of Helicopter Association International’s (HAI) 2022 Salute to Excellence Humanitarian Service Award in January, for work providing relief to the Navajo Nation during the coronavirus pandemic.