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Bristow dealing with debt; BANKRUPTCY.

Bristow Group has filed for US-style Chapter 11 bankruptcy in an effort to restructure and strengthen its balance sheet.

The Texas-based group, parent company of a North Sea helicopter firm, said it intends to use the proceedings to achieve a more "sustainable debt profile".

Its operations are expected to continue as normal for the duration of the process.

The Chapter 11 filings apply to some of Bristow's legal entities in the US and two of its Cayman Islands subsidiaries. The group's other non-US entities are not included.

Group chief executive L Don Miller said: "After working with our advisers on a thorough review of strategic financial alternatives, the board of directors and management concluded the best path for Bristow and its stakeholders is to seek Chapter 11 protection."

"The best path for Bristow is to seek Chapter 11 protection"

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Publication:The Press and Journal (Aberdeen,Scotland)
Date:May 13, 2019
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