The transcript from the Q3 results, detail the retention of a number of advisors for the group, which probably reveals a lot about the potential outcome and direction they are heading.
The company has retained financial advisors Seabury Advisors, PJT Partners and CDG Group and legal advisor Weil, Gotshal & Manges LLP, to advise its Board of Directors and management team on strategic alternatives with respect to the Company's capital structure. This includes, but is not limited to, exploring options to reduce aircraft lease and interest costs as well as the Company's purchase commitments.
CDG Group - CDG Group - The CDG Way
PJT
Management Consulting
Weil, Gotshal & Manges - Weil, Gotshal & Manges LLP
This is a pretty broad range of restructuring expertise, with specialty in managing aviation assets, restructuring debt, raising additional capital, and specifically in the options involving Chapter 11.
Answering my own questions regarding Chapter 11 for a global corporation, the process is definitely completely open due to the shareholding structure and location of the principal shareholders. In fact it is becoming commonplace for overseas companies to open an office in the US for the sole reason of obtaining bankruptcy protection under Chapter 11.
Chapter 11 allows the Debtor in Possession (existing owners and management) to continue to run the day to day operation of the business albeit with financial approval and control under the auspices of the Court. It is a valid and extremely mechanism to allow companies to survive a bad situation that they are encountering, and hopefully exit as a viable and thriving enterprise. Chapter 11 also essentially allows the business to continue to function with very little difference to the employees and customers. Many vendors will actively control credit lines, but there aren't many helicopter companies that haven't been affected by that in the course of their regular business activities.
The fact that there was no Q&A session during the recent conference call, may be indicative that there is a lot going on and they don't want to openly discuss any of it - can't say as I blame them for that.
There's always the chance of a sale, entire company, or individual divisions; again, everything is on the table today.
Sad to see this once great company in this dire situation.