Houston primarily based Bristow Group has voluntarily filed for Chapter 11 safety within the U.S. Bankruptcy Court for the Southern District of Texas. Bristow intends to make use of the proceedings to restructure and strengthen its steadiness sheet and obtain a extra sustainable debt profile, whereas persevering with to offer protected, dependable industrial aviation providers to its world shoppers properly into the long run.
All of Bristow’s companies are working within the unusual course and are anticipated to proceed to take action throughout the Chapter 11 course of. The Chapter 11 filings pertain to sure of Bristow’s authorized entities within the United Statesand two of its Cayman Islands subsidiaries.
Bristow’s different non-U.S. entities, together with these holding Bristow’s non-U.S. air working certificates (AOCs), will not be included within the Chapter 11 filings.
L. Don Miller, President and Chief Executive Officer of Bristow Group Inc., stated, “After working diligently with our advisors on a radical evaluation of strategic monetary alternate options, the Board of Directors and administration concluded that the very best path ahead for Bristow and its stakeholders is to hunt Chapter 11 safety. This course of will enable us to strengthen our steadiness sheet, obtain a decrease and extra sustainable debt stage and emerge as a stronger firm. We have the help of the overwhelming majority of our father or mother firm senior secured noteholders, with whom we have now entered right into a Restructuring Support Agreement that may assist to de-lever our steadiness sheet, and we’re actively working with different necessary stakeholders as we enter this course of.”
Bristow Group Inc. is the world’s main industrial aviation service supplier providing helicopter transportation, search and rescue (SAR) and plane help providers to authorities and civil organizations worldwide. Bristow’s strategically situated world fleet helps operations within the North Sea, Nigeria and the U.S. Gulf of Mexico; in addition to in a lot of the different main offshore oil and gasoline producing areas of the world, together with Australia, Brazil, Canada, Russia and Trinidad.
(Source: Bristow – Bristow S-92 on Hess platform within the Gulf of Mexico)

The publish BRISTOW GROUP VOLUNTARILY FILES FOR CHAPTER 11 appeared first on Energy Global News.

Read more at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here