Tue, Mar 31, 2020
Reportedly 'Walked Away' From The Job But Remains Largest Shareholder In The Company
Lynn Tilton (pictured) stepped down as the CEO of MD Helicopters effective March 23, but the company says it is otherwise "status quo".
Vertical magazine relays a report from the Wall Street Journal indicating that the flamboyant so-called "Diva of Distressed" walked away from her roles at MDHI as well as other companies owned by her private equity firm Patriarch Partners. The company has specialized in acquiring struggling companies and turning them around. The WSJ reports that Tilton was ordered to sell MDHI and other companies by a bankruptcy judge to pay off debts totaling $1.7 billion.
An MDHI spokesperson told Vertical Magazine that the company will continue to "fully execute" its commercial and government contracts. The spokesperson said that even though Tilton is no longer actively managing the company, she remains the "largest single shareholder and major creditor of MDHI."
The company will be run and managed by the existing senior leadership team, the spokesperson said.
MDHI's production numbers have fallen behind its competitors, and new programs have been shelved. The company lost a dispute with Boeing over rights to the HA-6i light attack helicopter, and then the COVID-19 pandemic struck.
The pandemic has caused the company to lay off a small number of people, according to the spokesman, though like all companies, MDHI is continuously evaluating staffing levels.
The spokesman said that there has been no indication that MD Helicopters will be put up for sale.
(Image provided by Patriarch Partners)
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