IRVING, TX, March 5, 2017 – CHC Group (the "Company" or "CHC") today announced that the United States Bankruptcy Court for the Northern District of Texas has confirmed the Company’s Plan of Reorganization (the “Plan”) and signed a confirmation order to that effect. The Company expects to complete its financial restructuring process and emerge from Chapter 11 in the next few weeks, after the conditions of the Plan are satisfied.
Under the terms of the Plan, a comprehensive recapitalization of CHC will be completed that will provide $300 million in new capital from certain of the Company's existing creditors, as well as terms for restructured aircraft leases and the option for additional asset based financing commitments of $150 million from The Milestone Aviation Group Limited and its affiliates. In addition, under the Plan, CHC’s liabilities will be reduced and its debt restructured.