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Bristow Group begins restructuring process with voluntary filing for Chapter 11 protection.

M2 EQUITYBITES-May 14, 2019-Bristow Group begins restructuring process with voluntary filing for Chapter 11 protection


Bristow Group Inc. (NYSE: BRS) has announced that it has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas, with the intent to use the proceedings to restructure, the company said.

Bristow said the action will strengthen its balance sheet and achieve a more sustainable debt profile, while continuing to provide safe, reliable and professional industrial aviation services to its global clients well into the future.

All of Bristow's businesses are operating in the ordinary course and are anticipated to continue to do so for the duration of the Chapter 11 process. The Chapter 11 filings pertain to certain of Bristow's legal entities in the United States and two of its Cayman Islands subsidiaries.

Bristow's other non-US entities, including those holding Bristow's non-US air operating certificates, are not included in the Chapter 11 filings.

In addition to executing the Restructuring Support Agreement with the Company, certain senior secured noteholders made a USD 75 million term loan to the Company prior to the Court filing, and provided a commitment for a further USD 75 million in debtor-in-possession financing that would be available upon Court approval. The financing package provides Bristow with capital that enables the Company to fund its global operations and make continued investments in safety and reliability during the Chapter 11 reorganization proceedings.

Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving as the Company's legal counsel and Alvarez & Marsal is serving as the Company's restructuring advisor. Houlihan Lokey is serving as financial advisor to the Company.

Davis Polk & Wardwell LLP is serving as legal counsel and PJT Partners is serving as financial advisor to the senior secured noteholders.

Bristow Group Inc. is an industrial aviation service provider, offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide.

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Publication:M2 EquityBites (EQB)
Date:May 14, 2019
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