Tue, Aug 06, 2019
Reaffirms Plan To Emerge From Chapter 11 In Fourth Quarter Calendar 2019
Bristow Group has filed a Chapter 11 plan of reorganization and a related disclosure statement with the United States Bankruptcy Court for the Southern District of Texas. The Plan outlines a proposed path to strengthen Bristow's balance sheet, reducing debt and improving liquidity in order to emerge from bankruptcy as a financially stronger company, and incorporates the Company's previously disclosed $385 million backstop commitment agreement with certain of its secured and unsecured noteholders for new equity interests of the Company, as detailed in the second amended and restated restructuring support agreement announced on July 25, 2019.
"Our Plan of Reorganization marks another significant step forward in our path towards a timely emergence from Chapter 11 in the fourth quarter of this calendar year, and I commend the hard work and extensive contributions of the entire Bristow team involved in developing the Plan as well as those who are on the front lines delivering for our clients," said L. Don Miller, president and Chief Executive Officer of Bristow. "The Plan, which is the result of detailed and productive negotiations with our stakeholders, will allow us to emerge from bankruptcy as a stronger company that is even better positioned to continue to deliver safe, reliable and professional services, and build sustainable value for the future as the industry leader in global oil and gas transport and search and rescue services."
A hearing will be scheduled with the Court to consider approval of the Disclosure Statement related to the Plan. Following Court approval of the Disclosure Statement, Bristow will distribute the Plan and Disclosure Statement to voting creditors for their consideration.
(Source: Bristow Group news release. Image from file)
More News
Runway Lead-in Light System Runway Lead-in Light System Consists of one or more series of flashing lights installed at or near ground level that provides positive visual guidance a>[...]
Aero Linx: Aviation Without Borders Aviation Without Borders uses its aviation expertise, contacts and partnerships to enable support for children and their families – at hom>[...]
Dave Juwel's Aviation Marketing Stories ITBOA BNITBOB ... what does that mean? It's not gibberish, it's a lengthy acronym for "In The Business Of Aviation ... But Not In The Busine>[...]
From 2010 (YouTube Version): Yeah.... This IS A Really Cool Job When ANN's Nathan Cremisino took over the lead of our Aero-TV teams, he knew he was in for some extra work and a lot>[...]
Also: Junkers A50 Heritage, Montaer Grows, Dynon-Advance Flight Systems, Vans' Latest Officially, the Carbon Cub UL and Rotax 916 iS is now in its 'market survey development phase'>[...]