What's happening in CHC?
Joined: Oct 2012
Posts: 215
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From: Canada
wonder why the Cayman islands became the destination of choice for their AOC at one point? Even to the point of issuing Cayman licences?
Nowherespecial: I'm well aware there are military pilots with load lifting experience, and no, I wouldnt be at all surprised if CHC sacked pilots and brought in other pilots to do the job. Wouldnt be the first time. The Union didn't help matters. Coming up with a very weak collective agreement for the Global Pilots. Pay rises aside, the union agreement was, and still is, treated with contempt by chc. Believe me I know this for a fact.
Nowherespecial: I'm well aware there are military pilots with load lifting experience, and no, I wouldnt be at all surprised if CHC sacked pilots and brought in other pilots to do the job. Wouldnt be the first time. The Union didn't help matters. Coming up with a very weak collective agreement for the Global Pilots. Pay rises aside, the union agreement was, and still is, treated with contempt by chc. Believe me I know this for a fact.
And yes, the collective agreement had much to be desired but it was a direct product of the support and respect it got from the members of the union. I recall the first Biannual General Meeting, where the GHPA offered travel costs, webinar, anything it could to encourage interest in the topics to be discussed and upcoming negotiations. Out of 260+ pilots on the seniority list how many bothered to attend or listen? Outside of the executive.....2
Apathy at the coal face. An ops centre in Dallas that can barely figure out that this isn't American Airlines rotary division. It's sad, it really is, but the end might be the humane thing.....
Joined: Aug 2003
Posts: 580
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From: LOS
a solution to the fact that TC didn't want to oversee an AOC that no longer had Canadian aircraft operating under it.
That is also why CHC Helicopters Canada was formed ( With Mr. Allard as owner) to be able to hold a CDN AOC and work in Newfoundland.
Joined: Feb 2001
Aviation Qualifications: ATPL
Posts: 448
Likes: 7
From: Sometimes here, sometimes there
Outwest has it right. The old CHC Global Operations AOC could not continue under TC as it did not comply with the Canadian ownership rules. Hence the move to a Cayman AOC. This was not driven by tax rules, as some have assumed.
In contrast, CHC Helicopters Canada is a Canadian owned company that currently operates out of St Johns! It does not have a majority holding by CHC, just as the European AOC companies do not have a majority holding by the publicly listed "US" CHC.
Simples
In contrast, CHC Helicopters Canada is a Canadian owned company that currently operates out of St Johns! It does not have a majority holding by CHC, just as the European AOC companies do not have a majority holding by the publicly listed "US" CHC.
Simples
Joined: Aug 2004
Posts: 2,105
Likes: 50
From: Aberdeen
Not sure if this has been mentioned in the past 21 pages but, when in discussion with Bristow's CFO some years ago, I asked why the stock price was important to the business. The answer was that a buoyant stock price makes borrowing money much cheaper and easier. And conversely if the stock is rock bottom this shows investors have no confidence in the profitability of the company and thus it can't be too surprising if those considering lending it money feel likewise. If a company can't borrow money at reasonable rates, it has a problem.
Thread Starter
Joined: May 2001
Posts: 314
Likes: 2
From: UK
That's been CHC's problem since it overextended itself buying HSG in the '90s. Its never been able to catch up with paying off the debt (which also includes big pension liabilities). Now its sold off all its hardware assets and with its stock value so low, its must have very little to offer as collateral.
Joined: Jun 2015
Posts: 48
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From: ABZ
Stock EGPWS Warning?
HELIF now at 90 cents per share (3 cents at initial valuation) in the "Pink Sheets" market. One day loss of 25%. 
https://www.youtube.com/watch?v=58Bk...s&spfreload=10
https://www.youtube.com/watch?v=GgGossqGRd4
https://www.youtube.com/watch?v=58Bk...s&spfreload=10
https://www.youtube.com/watch?v=GgGossqGRd4
Joined: Oct 2002
Posts: 236
Likes: 4
From: All over the place
There is an interesting analysis on this website. It must be considered that the report is a conclusion from their standard algorithm and may lack human emotion, consideration and evaluation (a bit like an interaction with any accountant), but it is equally a pure number crunching exercise simply based on hard facts and numbers.
https://www.macroaxis.com/invest/rat...-Of-Bankruptcy
https://www.macroaxis.com/invest/rat...-Of-Bankruptcy
Joined: Feb 2001
Aviation Qualifications: ATPL
Posts: 448
Likes: 7
From: Sometimes here, sometimes there
Joined: Dec 2007
Posts: 253
Likes: 8
From: the land of redemption
I saw my previous CHC fellow pilots....
....in Dakar, they where hauling two AS332's from Gabon to Poland for maintenance and storage.
Very sad to see them, all of them have been noticed the layoff starting from the moment they will land in Poland.
Very sad to see them, all of them have been noticed the layoff starting from the moment they will land in Poland.
Joined: Jun 2014
Aviation Qualifications: Spotter
Posts: 3,907
Likes: 86
From: Netherlands
Yes sad indeed,
But I found out that the drillship for which these 2 machines were Flying, the Noble Globetrotter II is now sublet from Shell to SOCO for 1 well in Congo.
I do not know who is doing the flying for this relatively sort job, nor do I know where the ship will be heading next.
Cheers SLB
But I found out that the drillship for which these 2 machines were Flying, the Noble Globetrotter II is now sublet from Shell to SOCO for 1 well in Congo.
I do not know who is doing the flying for this relatively sort job, nor do I know where the ship will be heading next.
Cheers SLB
Joined: Jun 2005
Posts: 491
Likes: 21
From: nowhere special
L1,
You seem to have almost all the scoop. Allow me the pleasure.
Air Walser won the contract for SOCO. Noble crew took one look at their 412 'OGP Compliant' operation and had kittens. Air Walser then subcontracted to Titan as they could at least provide something which looked like CHC (check Titan website).
I'm curious to know how you think AW undercut CHC by 50%? I heard CHC didn't bid.
You seem to have almost all the scoop. Allow me the pleasure.
Air Walser won the contract for SOCO. Noble crew took one look at their 412 'OGP Compliant' operation and had kittens. Air Walser then subcontracted to Titan as they could at least provide something which looked like CHC (check Titan website).
I'm curious to know how you think AW undercut CHC by 50%? I heard CHC didn't bid.
Joined: Oct 1999
Aviation Qualifications: ATPL
Posts: 7,373
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From: Den Haag
'm curious to know how you think AW undercut CHC by 50%? I heard CHC didn't bid.
then subcontracted to Titan as they could at least provide something which looked like CHC (check Titan website).
Joined: Dec 2007
Posts: 253
Likes: 8
From: the land of redemption
Not surprisedly Air Walser won that SOCO contract in Congo, they are providing government services to that country since years with good connections.
AW they know about OGP same as I know about nuclear energy engineering!!
and they are an inch so close to bankruptcy.
AW they know about OGP same as I know about nuclear energy engineering!!
and they are an inch so close to bankruptcy.
Joined: Jun 2006
Posts: 1,022
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From: In the air with luck
Joined: May 2000
Posts: 268
Likes: 0
From: uk
From the Results:
CHC CEO says:
Max Contingency says: You cant polish a !!!! but it appears that you can in fact roll it in glitter and paste a humming bird logo on the side
CHC Group reported fiscal 2016 third quarter (ended Jan. 31, 2016) consolidated revenue of $333 million, a decline of 20 percent year-over-year,
The company reported a net loss of $76 million, or $33.33 per ordinary share, for the fiscal 2016 third quarter.
The company reported a net loss of $76 million, or $33.33 per ordinary share, for the fiscal 2016 third quarter.
With low visibility and ongoing uncertainty regarding a market improvement, we are planning for the difficult conditions to continue for some time and are managing our business accordingly.
We maintain our belief that long term market fundamentals remain in place and we continue to take proactive steps to improve our long-term position,
We maintain our belief that long term market fundamentals remain in place and we continue to take proactive steps to improve our long-term position,
Joined: Aug 2003
Posts: 580
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From: LOS
What does this mean...
Today, we also reported that we made the decision to strengthen our cash position by drawing the remaining balance on our revolving credit facility following the end of the fiscal 2016 third quarter. This cash from our revolving credit facility provides us with additional financial flexibility.