Bardin Hill and MBIA Insurance Corp. to acquire MD Helicopters

The new 530G Scout Attack Helicopter developed by MD Helicopters in Mesa.

A consortium of creditors is acquiring MD Helicopters Inc. after the Mesa company filed for bankruptcy following a legal judgment that it had defrauded the U.S. Army.

The company said a creditor group led by investment firm Bardin Hill and MBIA Insurance Corp. will acquire nearly all of the company’s assets and provide new capital to strengthen MD’s financial position and support its ability to manufacture and service high-performance helicopters. The group is providing $60 million in short-term financing during the bankruptcy process.

The company filed for Chapter 11 bankruptcy protection March 30, listing more than 1,000 creditors from local businesses to foreign entities.

Damages awarded in Army case

The bankruptcy filing was linked to a setback in September, when a jury in U.S. District Court in northern Alabama awarded $36.8 million to the federal government in a case where MD Helicopters was accused of breaking contractor rules through its employment ties to Norbert Vergez.

https://www.azcentral.com/story/money/business/2022/04/01/bardin-hill-and-mbia-insurance-corp-acquire-md-helicopters-bankruptcy/7229716001/

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April 2022 - News & Announcements from NVDA

Sun Apr 3 , 2022
NEK Community Announcements 2022 Legislative Breakfast Forums April 4 – North Country Chamber of Commerce, 8:00 am / Moderator: Bill Davies. e-mail [email protected] for Zoom (or) in-person information. Forums will be recorded and found on YouTube. April 25 – North Country Chamber of Commerce, 8:00 am / Bill Davies, Moderator. email [email protected] for Zoom or in-person information. Forums […]