In its 8-K filed Monday, Bristow disclosed its survival strategy of selling off assets and renegotiating with lenders might not succeed and that a Chapter 11 bankruptcy filing might be inevitable. “We cannot assure you that any of our strategies will yield sufficient funds to meet our ongoing liquidity needs,” the company wrote.[b] “We and certain of our subsidiaries may elect to implement such a transaction (default) through Chapter 11.”
So, nothing left to sell to finance loss making operations. With only $202m of cash and ABL remaining, BRS will need to file CH 11 soon or they will end up in CH 7. The management incompetence leading to the current state of the once mighty Bristow defies belief and explanation.