Era Group Inc. (NYSE:ERA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On July 3, 2018, Era Group Inc. (the “Company”) and Era Helicopters, LLC (together with the Company “Era”), entered into a litigation settlement agreement (the “Settlement Agreement”) with Airbus Helicopters, Inc. and Airbus Helicopters, S.A.S. (together “Airbus”) in the matter of Era Group Inc., and Era Helicopter, LLC v. Airbus Helicopters, Inc., and Airbus Helicopters, S.A.S (the “Action”). The Settlement Agreement settles all claims made by Era against Airbus related to Airbus’ marketing and sale, and Era’s purchase, of eleven H225 model helicopters.
to the Settlement Agreement, Airbus has agreed to pay Era $42.0 million in cash and provide Era with certain trade account credits that may be used by Era for up to five years. Era has agreed to release Airbus from any and all liabilities, claims, counterclaims, demands, complaints, costs, losses and expenses relating to the Action and to dismiss the Action with prejudice without any party admitting fault.
About Era Group Inc. (NYSE:ERA)
Era Group Inc. is engaged in operating helicopters. The Company’s helicopters transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. The Company also dry-leases helicopters to third-party helicopter operators and foreign affiliates. The primary users of the Company’s helicopter services are international, integrated and independent oil and gas exploration, development and production companies. In addition to serving the oil and gas industry, it provides air medical services; utility services, including support of firefighting, mining, power line and pipeline survey activities, and Alaska flightseeing tours, among other activities. It owns and operates a range of classes of helicopters, such as Heavy helicopters, Medium helicopters and Light helicopters. Heavy helicopters have twin engines and passenger capacity ranging from 16 to 19. Medium helicopters have twin engines and passenger capacity ranging from 11 to 12.
