Not many days ago, Erickson Air-Crane was a darling in the small-cap investment world.
The heavy-lift helicopter company’s acquisitions of Evergreen Helicopter in McMinnville and a South American energy company’s flight wing attracted 15 minutes of fame when CNBC “Mad Money” host Jim Cramer interviewed CEO and President Udo Rieder.
Now comes word from those who spend hours sifting through Securities and Exchange Commission filings that the company’s chief investor New York-based ZM Private Equity Fund is withdrawing 100 percent of its participation.
What that means for hundreds of people who work at Erickson’s primary maintenance and manufacturing plant on Willow Springs Road outside Central Point is unknown.
But if the associated debt is any indicator, it won’t be good.