Bristow Group Inc. 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 October 4, 2019.
Bristow said on October 31 that 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.
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. I would like to commend our global team for its unwavering focus on delivering safe and efficient service to our clients and passengers as we navigated the restructuring process.”
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.”
In accordance with 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 Holdings Limited, Bristow’s U.K. affiliate, and serve in an advisory role to Bristow.
Bristow’s global fleet supports operations in the North Sea, Nigeria and the U.S. Gulf of Mexico; as well as in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Trinidad and South America’s newest oil and gas hotspot – Guyana.
On February 19, 2018, Bristow announced that it had secured a multi-year contract to provide helicopter offshore crew change and search and rescue (SAR) services to support ExxonMobil in Guyana. The five-year deal, which is a renewal of an existing contract, commenced on January 1, 2018.