Evergreen International in McMinnville has told employees it will stop operating at the end of this month, according to the Yamhill Valley News-Register.
Evergreen is one of Yamhill County’s biggest employers with about 450 staff.
The company moves commercial cargo and has supported some US military operations. It also has a non-profit arm that runs an aircraft museum and water park. Those attractions will stay open.
But over the last year, the company has fallen into trouble — paying employees late; having the electricity cut off; and having bond rating companies issue warnings about its finances.
The company also faces legal challenges. An air cargo company out of the United Arab Emirates is suing Evergreen for more than $5 million.
The Oregon Department of Justice is also investigating money transfers between the company’s nonprofit and commercial arms.
Evergreen sold its helicopter business to Erickson Air-Crane in March for about $276 million.
Calls to the company were not immediately returned.