HOUSTON, April 15, 2019 /PRNewswire/ -- Bristow Group
Inc. (NYSE: BRS) ("Bristow" or the "Company") today is
providing an update on its efforts to complete its financial
reporting process for the quarter ended December 31, 2018 and to best position the
Company for the future. The Company has obtained waivers from
certain lenders that extend the deadline under its agreements with
those lenders for filing the Company's Form 10-Q for the quarter
ended December 31, 2018 to
June 19, 2019, subject to certain
conditions. The Company has also retained financial and legal
advisors to explore strategic financial alternatives, with the
objective of strengthening its long-term capital position. In
addition, the Company has determined it would be in the Company's
best interest to exercise its contractual right to utilize a
contractual grace period of up to 30 days and not make a
$12.5 million interest payment on the
6.25% Senior Unsecured Notes maturing in 2022 (the "Senior Notes")
as it continues to work on its overall financing arrangements.
Bristow President and Chief
Executive Officer L. Don Miller
stated, "Bristow is working diligently with its financial and legal
advisors to best position the company for the future, both
financially and operationally. The steps we are announcing
today will afford us additional time to continue our efforts to
complete our financial reporting process and address our capital
structure. Most importantly, we are, as always, focused on
continuity of service in a safe, reliable and professional manner
for our valued employees, clients and passengers, as we continue to
navigate a challenging market."
Financial Reporting and Debt Covenant Waivers
The
Company has obtained waivers of its covenants with its secured
equipment financing lenders and asset backed revolving credit
facility ("ABL") lenders with respect to the timing of delivery of
unaudited financial statements for the quarter ended December 31, 2018. The waivers also include
waivers of cross-default provisions arising from the decision to
enter the 30-day grace period in connection with the Senior Notes.
The waivers have the effect of extending the Company's deadline
under its agreements with the lenders to file its 10-Q for the
quarter ended December 31, 2018 until
June 19, 2019, subject to certain
conditions, including securing customary forbearance agreements
with certain other debtholders as detailed in the Company's 8-K
filing today.
Strategic Financial Alternatives Review and Liquidity
Update
The Company has engaged Houlihan Lokey and
Alvarez & Marsal as its financial advisors and Baker Botts
L.L.P. and Wachtell, Lipton, Rosen & Katz as its legal advisors
to assist the Company in analyzing various strategic financial
alternatives to address its capital structure, including strategic
and refinancing alternatives to restructure its indebtedness and
other contractual obligations.
There can be no assurance that this review will result in any
particular outcome, or that the Company will succeed in obtaining
the forbearance agreements referred to above.
As of April 12, 2019, the Company
had approximately $202.1 million of
liquidity, consisting of aggregate cash on hand and availability
under its ABL facility.
As part of the strategic financial review process, Bristow has
elected not to make an interest payment of approximately
$12.5 million due April 15, 2019 on the Senior Notes. Under
the terms of the relevant indenture, the Company has a contractual
grace period of up to 30 days during which it may elect to make the
interest payment and cure any related default. Bristow believes it
is in its best interest to use the grace period to continue working
with its advisors and creditors to review alternatives for
improving its capital structure.
The Company does not intend to comment further on its financial
results or performance until its Form 10-Q for the quarter ended
December 31, 2018 has been filed with
the SEC.
About Bristow Group Inc.
Bristow Group Inc. is the
leading global industrial aviation services provider offering
helicopter transportation, search and rescue (SAR) and aircraft
support services to government and civil organizations worldwide.
Bristow has major transportation operations in the North Sea,
Nigeria and the U.S. Gulf of Mexico, and in most of the other major
offshore oil and gas producing regions of the world, including
Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR services to the
private sector worldwide and to the public sector for all of the
U.K. on behalf of the Maritime and Coastguard Agency. For more
information, visit bristowgroup.com.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements
contained in this news release that state Bristow's or management's
intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. These forward-looking
statements include statements regarding strategic alternatives and
other statements identified by words such as "will," "expect,"
"believe," "anticipate," "estimate," "should," "intend," "plan,"
"potential," "predict," "project," "aim," "hope," "predict," and
similar words, phrases and expressions, although not all
forward-looking statements include such words, phrases or
expressions. It is important to note that the Company's actual
results could differ materially from those projected in such
forward-looking statements. Information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the
Company's SEC filings, including the Company's Current Report on
Form 8-K filed on April 15, 2019.
Bristow Group Inc. disclaims any intention or obligation to revise
any forward-looking statements, including financial estimates,
whether as a result of new information, future events or
otherwise.
Contact:
Global Media Relations
Adam
Morgan
Director, Global Communications
+1 281.253.9005
Adam.Morgan@bristowgroup.com
Reevemark
Hugh Burns/Delia Cannan/Molly
Curry
+1 212.433.4600
BristowGroup@reevemark.com
Investor Relations
Linda
McNeill
Director, Investor Relations
+1 713.267.7622
Linda.McNeill@bristowgroup.com
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SOURCE Bristow Group Inc.