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Thursday, May 28, 2020  Spokane, Washington  Est. May 19, 1883
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News >  Business

Aviation company faces financial woes, plummeting stock

Associated Press

PORTLAND – An aviation company in Portland is struggling financially after seeing its sales plummet in recent years.

The Oregonian/Oregon Live repored Erickson Inc. hasn’t made an annual profit since 2013. The helicopter operation has warned employees of another round of layoffs and its primary lender, Wells Fargo, wants the company to find another financier.

In a recent document filed with the U.S. Securities and Exchange Commission, Erickson says Wells Fargo is threatening to charge the company a $3.5 million fee if it can’t repay the $140 million credit line by Aug. 29.

Erickson’s stock might also be kicked off the NASDAQ exchange because of insufficient market capitalization.

Erikson officials and Wells Fargo officials declined to comment on the situation.

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