Bristow Group Successfully Emerges From Chapter 11
Completes Financial Restructuring with $535 Million in New Capital, an Industry-Leading Balance Sheet and Improved Liquidity
Bristow Group Inc. right now introduced that it has emerged from Chapter 11 chapter safety, efficiently finishing its debt restructuring course of and implementing the Chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on October four, 2019.
Bristow has decreased its debt considerably and is rising with $535 million of latest capital, which it believes will present vital monetary flexibility to help its world operations. The Company additionally introduced it has amended and reinstated its $75 million time period mortgage as of its emergence.
L. Don Miller, President and Chief Executive Officer of Bristow, mentioned, “We are starting this new chapter of Bristow’s proud historical past having achieved our key restructuring targets: a stronger stability sheet and improved liquidity that may allow us to proceed offering industry-leading service to our world shopper base. I want to commend our world staff for its unwavering concentrate on delivering secure and environment friendly service to our purchasers and passengers as we navigated the restructuring course of.”
Miller continued, “We are dedicated to additional constructing on our world management position in offshore oil and gasoline transportation and search and rescue. As we have now all through this course of, we stay targeted on being ‘finest at school’ for all our stakeholders, notably our staff, prospects and new homeowners as we proceed to search for methods to drive innovation and efficiencies throughout the worldwide enterprise.”
In accordance with the Plan of Reorganization, Bristow’s new Board of Directors has assumed its duties. The new Board shall be chaired by Aris Kekedjian, and contains Wesley E. Kern, Robert J. Manzo, Lorin L. Brass, G. Mark Mickelson, Brian D. Truelove, Hooman Yazhari and L. Don Miller, who will proceed to serve on the Board. Former Bristow director Ian A. Godden will proceed to function chairman of Bristow Aviation Holding Limited, Bristow’s U.Ok. affiliate, and serve in an advisory position to Bristow.