The company makes helicopters for commercial, military and law enforcement customers. Bardin Hill and MBIA Insurance Corp. will acquire its assets.
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 former colonel and U.S. Army procurement officer in Huntsville, Alabama, helped the company win contracts in 2011 and 2012 with El Salvador, Costa Rica and Saudi Arabia. The $36.8 million damage awarded to the federal government and whistleblowers was subject to tripling. MD Helicopters was founded by Howard Hughes' Hughes Aircraft Co. and later was owned by entities including McDonnell Douglas and Boeing. The company said it has more than 2,500 aircraft in use around the world.
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