Flight - Airnorth and Eastern could be sold under Bristow rescue plan
Key assets for disposal include Airnorth and Eastern Airways, based in Australia and the UK respectively, which are both forecast to be negative on an earnings before interest, taxes, depreciation and amortisation (EBITDA) basis this year. Bristow acquired both carriers to feed its helicopter operations, with limited success. GVIC believes it can attract buyers for the pair, to transform them into "regular scheduled airlines rather than running them on an industrial helicopter aviation model", says J P Geygan, GVIC vice-president. "We have had conversations with a fixed-wing operator that was bewildered how inefficiently these airlines have been operated,” says Jeff Geygan, president and chief executive of GVIC.
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