Offshore helicopter operator Bristow Group has emerged from Chapter 11 bankruptcy protection.
Bristow voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas in May 2019.
Bristow said last Thursday, October 31 it had successfully completed its debt restructuring process and implemented the Chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on October 4, 2019.
Bristow added it had reduced its debt significantly and emerged with $535 million of new capital, which it believed it would provide significant financial flexibility to support its global operations. The company also announced it had amended and reinstated its $75 million term loan as of its emergence.
L. Don Miller , President and Chief Executive Officer of Bristow, said, “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.”
Miller continued, “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.”
Under the plan of reorganization, Bristow’s new board of directors has assumed its responsibilities.
The new board will be chaired by 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.
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