Real Estate Firm Buys 49% of California Helicopter

A Woodland Hills real estate firm said it has acquired a 49% interest in California Helicopter Parts Inc., a Ventura company that provides support services for the Sikorsky S58T helicopter, which is used for fire fighting, logging, oil field platform servicing and charter operations.

Industrial Park Associates said its affiliate, CHP Holdings, will provide $500,000 in new capital for California Helicopter to complete its plan of reorganization. California Helicopter has been in Chapter 11 bankruptcy proceedings since May, 1990.

The restructured California Helicopter expects to emerge from bankruptcy with about $4 million in contracts for overhaul services and parts sales. The company is also negotiating to sell up to 10 remanufactured Sikorsky S58T helicopters.

Industrial Park Associates leases and sells industrial real estate.