Positive news from Erickson Aviation (EAC).
music selection: “I Don’t Care Anymore” — Phil Collins
On 7DEC2015 I bought two 8.250 coupon 1MAY2020 maturity bonds from Erickson Aviation (EAC) for 60.50 cents on the dollar. On 9NOV2016, the company declared bankruptcy. The bonds have since been trading under 4 cents on the dollar. I’ve been patient expecting to receive shares post bankruptcy and see some recovery.
On Wednesday, Interactive Brokers reported that Erickson was the target of an acquisition. There was no indication who the interested party is. There is nothing about this on the Erickson website and Investor Relations does not respond to emails about the rumor. Yahoo Finance and Google Finance have nothing to report either. Today, the bonds briefly traded above 62 cents on the dollar. The current price is back down to 2.25 cents on the dollar.
I’ll keep monitoring this situation and will report when I have a resolution.
Devour your prey raptors!