HOUSTON, May 11, 2019 /PRNewswire/ -- Bristow Group
Inc. (NYSE: BRS) ("Bristow" or the "Company") today announced that
the Company has voluntarily filed for Chapter 11 protection in the
U.S. Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court" or "the Court").
Bristow intends to use the proceedings to restructure and
strengthen its balance sheet and achieve a more sustainable debt
profile, while continuing to provide safe, reliable and
professional industrial aviation services to its global clients
well into the future.
All of Bristow's businesses are operating in the ordinary course
and are anticipated to continue to do so for the duration of the
Chapter 11 process. The Chapter 11 filings pertain to certain of
Bristow's legal entities in the United
States and two of its Cayman
Islands subsidiaries.
Bristow's other non-U.S. entities, including those holding
Bristow's non-U.S. air operating certificates ("AOCs"), are not
included in the Chapter 11 filings.
L. Don Miller, President and
Chief Executive Officer of Bristow Group Inc., said, "After working
diligently with our advisors on a thorough review of strategic
financial alternatives, the Board of Directors and management
concluded that the best path forward for Bristow and its
stakeholders is to seek Chapter 11 protection. This process will
allow us to strengthen our balance sheet, achieve a lower and more
sustainable debt level and emerge as a stronger company. We have
the support of the overwhelming majority of our parent company
senior secured noteholders, with whom we have entered into a
Restructuring Support Agreement that will help to de-lever our
balance sheet, and we are actively working with other important
stakeholders as we enter this process."
Mr. Miller continued, "Bristow remains steadfast in its
commitment to safety and providing exceptional client service
during the Chapter 11 process. For clients, it is business as usual
at Bristow, and our talented team will stay focused on delivering
safe, reliable and professional services around the globe
throughout the process and beyond. We expect to execute a prompt
and efficient reorganization, and to emerge from this restructuring
process as a stronger company that is an even better business
partner, employer and trusted service provider.
"We deeply appreciate the hard work of our dedicated employees
and their commitment to each other, our valued clients and our
passengers. We are also grateful for the many years of support by
our suppliers and business partners, and we look forward to
continuing to work with them as we move through this process and
beyond."
To ensure its ability to continue operating in the ordinary
course of business, Bristow has filed customary motions with the
Bankruptcy Court seeking a variety of "first-day" relief for the
filing entities, including authority to pay employee wages and
benefits, vendors and suppliers in the ordinary course for goods
and services provided after the Petition Date.
In addition to executing the Restructuring Support Agreement
(the "RSA") with the Company, certain senior secured noteholders
made a $75 million term loan to the
Company prior to the Court filing, and provided a commitment for a
further $75 million in
debtor-in-possession ("DIP") financing that would be available upon
Court approval. The financing package provides Bristow with capital
that enables the Company to fund its global operations and make
continued investments in safety and reliability during the Chapter
11 reorganization proceedings.
The following eight entities are included in the filing: Bristow
Group Inc., BHNA Holdings Inc., Bristow Alaska Inc., Bristow
Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC,
BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd.
Additional information regarding Bristow's Chapter 11 filing
will be available at http://www.bristowgroup.com/restructuring.
Court filings and information about the claims process are
available at https://cases.primeclerk.com/Bristow. Questions should
be directed to the Company's claims agent, Prime Clerk, by email to
bristowinfo@primeclerk.com or by phone at +1 844-627-6967 (toll
free) or +1 347-292-3534 (toll).
Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are
serving as the Company's legal counsel and Alvarez & Marsal is
serving as the Company's restructuring advisor. Houlihan Lokey is serving as financial advisor
to the Company.
Davis Polk & Wardwell LLP is
serving as legal counsel and PJT Partners is serving as financial
advisor to the senior secured noteholders.
About Bristow Group Inc.
Bristow Group Inc. is the
world's leading industrial aviation service provider offering
helicopter transportation, search and rescue (SAR) and aircraft
support services to government and civil organizations worldwide.
Bristow's strategically located 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, 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. To learn
more, visit our website at www.bristowgroup.com.
Contact:
Global Media
Relations
Adam Morgan
Director, Global Communications
+1 832.783.7927
Adam.morgan@bristowgroup.com
Reevemark
Paul
Caminiti/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.