2019: Bristow Helicopters Chapter 11/surseance van betaling

[Stratofreighter]

...not good...

...for those interested, also see
https://www.pprune.org/rotorheads/62140 ... uptcy.html

https://www.pprune.org/rotorheads/61570 ... ng-13.html
was running before the thread above...

https://www.ch-aviation.com/portal/news ... chapter-11

Texas-headquartered Bristow Group says it has filed for Chapter 11 bankruptcy protection with the US Southern District of Texas (Houston).

Bristow Group Inc. provides industrial aviation and charter services to offshore energy companies in Europe, Africa, the Americas, and the Asian Pacific.

It also provides search and rescue services for governmental agencies and the oil and gas industry.

Its major shareholders include Mackenzie Financial Corporation (18.33%),
Blackrock Fund Advisors (13.08%), Fidelity Management & Research Company Dimensional Fund Advisors LP (US),
and The Vanguard Group, Inc.

According to court documents, the Chapter 11 application covers the following entities:
•Bristow Group, Inc.;
•BHNA Holdings Inc.;
•Bristow Alaska Inc.;
•Bristow Helicopters Inc.;
•Bristow U.S. Leasing LLC;
•Bristow US LLC;
•BriLog Leasing Ltd. (Cayman);
•Bristow Equipment Leasing Ltd. (Cayman).

Bristow's other non-US-based entities,
including those holding its non-US Air Operator's Certificates (AOC),
namely Airnorth (Australia),
Bristow Helicopters Nigeria,
Cougar Helicopters (Canada),
Eastern Airways (UK),
Líder Aviação (Brazil),
Turkmenistan Helicopters, are not included in the Chapter 11 filings.

Overall, the Group said it has assets worth USD2,860,804,000 against debts of USD1,885,623,000.

The Group has approximately USD1.5 billion in senior indebtedness comprised of USD350 million aggregate 8.75% Senior Secured Notes due in 2023,
USD401.5 million aggregate 6.25% Senior Notes due in 2022,
and USD143.75 million aggregate 4.50% Convertible Senior Notes due in 2023
all of which are currently outstanding.

Other claims are for outstanding loans and credit facilities owed to a variety of international banks.

https://www.ch-aviation.com/portal/news ... chapter-11

[Stratofreighter]

https://www.flightglobal.com/news/artic ... ri-460284/

PK AirFinance moves to seize 24 helicopters from Bristow

14 August, 2019

Beleaguered Bristow Group is facing a challenge to its restructuring plans
after loan provider PK AirFinance moved to repossess two dozen helicopters
operated by various subsidiaries of the offshore transport specialist.

According to US bankruptcy court documents by GECAS-owned PK AirFinance
on 9 August initiated the "enforcement action" related to the rotorcraft.

In all, 24 helicopters are security against loans totalling $230 million
between Luxembourg firm PK AirFinance and Bristow Equipment Leasing (BELL),
a Cayman Islands-based subsidiary of Bristow Group.

US-headquartered Bristow Group, and subsidiaries including BELL,
entered Chapter 11 bankruptcy protection in May to deal with a crippling debt load.

PK AirFinance argues that BELL has missed loan payments
and "has not cured all defaults,
nor has it agreed to perform all future obligations" under the terms of the financing agreements.

Instead, as part of Bristow Group's financial restructuring under Chapter 11,
BELL is proposing to cancel the debt secured by the helicopters
and issue a new agreement relating to the aircraft.

Issuing the "demand for possession of aircraft" gives Bristow Group 10 days notice of the action.

The 24 helicopters comprise
five Leonardo AW139s,
five Sikorsky S-76Ds
and 14 S-92s,
operated by Bristow Group companies in Australia, Nigeria, Norway and the UK.

https://www.flightglobal.com/news/artic ... ri-460284/