In a transfer extensively anticipated for months, if not years, helicopter providers firm Bristow Group introduced Saturday morning that it entered Chapter 11 chapter proceedings within the Southern District of Texas, claiming money owed of $1.885 billion in opposition to belongings of $2.86 billion and citing “beforehand disclosed monetary challenges” and “constrained liquidity.”
Bristow CEO L. Don Miller referred to as chapter, “the very best path ahead for Bristow and its stakeholders.” The firm mentioned it was in search of chapter safety to “restructure and strengthen its steadiness sheet and obtain a extra sustainable debt profile” and that it will proceed regular operations throughout its restructuring.
The chapter filings pertain to Bristow entities within the United States and the Cayman Islands and never its different non-U.S entities. The entities lined underneath the filings embody Bristow Group, BHNA Holdings, Bristow Alaska, Bristow Helicopters, Bristow U.S. Leasing, Bristow U.S., BriLog Leasing, and Bristow Equipment Leasing.
Primary collectors listed embody the corporate’s senior word holders, that are owed $895.25 million, numerous banks and monetary establishments owed $580 million, and the GECAS helicopter leasing unit Milestone Aviation Group, owed $21.9 million.
Bristow mentioned it should proceed regular operations with the help of a $75 million mortgage from unnamed senior safe noteholders plus one other $75 million in debtor-in-possession (DIP) financing from these noteholders upon courtroom approval. As of final 12 months Bristow operated 318 helicopters and 78 fixed-wing plane and had four,000 staff worldwide. Bristow has not filed any official monetary leads to calendar 2019 nor within the fourth quarter of calendar 2018. The firm derives greater than 70 % of its revenues from the offshore oil-and-gas market and joins of rising record of helicopter-related corporations serving it which have filed chapter in current occasions together with CHC, PHI, and leasing firm Waypoint.