Bristow Group Inc. announced it has emerged from Chapter 11 bankruptcy protection, successfully completing its debt restructuring process and implementing the Chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Oct. 4.
Bristow said it has reduced its debt significantly and is emerging with $535 million of new capital, which it believes will provide significant financial flexibility to support its global operations. The company also announced it has amended and reinstated its $75 million term loan as of its emergence.
Bristow Group is the world's leading industrial aviation service provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide.
The following eight entities were included in the bankruptcy filing: Bristow Group Inc., BHNA Holdings Inc., Bristow Alaska Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd.
As reported by Equipment Finance Advisor, the company filed for a voluntary Chapter 11 on May 11.
"We are beginning this new chapter of Bristow's proud history having achieved our key restructuring goals: a stronger balance sheet and improved liquidity that will enable us to continue providing industry-leading service to our global client base,” said L. Don Miller, President and Chief Executive Officer of Bristow.
"We are committed to further building on our global leadership role in offshore oil and gas transportation and search and rescue. As we have throughout this process, we remain focused on being 'best in class' for all our stakeholders, particularly our employees, customers and new owners as we continue to look for ways to drive innovation and efficiencies across the global business."
In accordance with the Plan of Reorganization, Bristow's new Board of Directors has assumed its responsibilities. The new Board will be led by Chairman Aris Kekedjian, and includes Wesley E. Kern, Robert J. Manzo, Lorin L. Brass, G. Mark Mickelson, Brian D. Truelove, Hooman Yazhari and L. Don Miller, who will continue to serve on the Board. Former Bristow director Ian A. Godden will continue to serve as chairman of Bristow Aviation Holding Limited, Bristow's U.K. affiliate, and serve in an advisory role to Bristow.
Additional information about the restructuring is available here.