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What's happening in CHC?

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What's happening in CHC?

Old 6th Feb 2016, 14:58
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Originally Posted by helimutt
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.
A Cayman AOC was both a tax dodge by the American owners and a solution to the fact that TC didn't want to oversee an AOC that no longer had Canadian aircraft operating under it.

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.....
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Old 6th Feb 2016, 19:11
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a solution to the fact that TC didn't want to oversee an AOC that no longer had Canadian aircraft operating under it.
No, it was because after the First Reserve purchase of CHC from the Dobbin family CHC no longer met the Canadian ownership requirements. CHC was given a 5 year grace period to solve this problem and Cayman registry was their answer.

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.
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Old 6th Feb 2016, 20:45
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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
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Old 9th Feb 2016, 09:17
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The stock price is now getting close to one dollar (equivalent to 3 cent before the split)... One threehundreth of the value of a year and a bit ago.
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Old 9th Feb 2016, 10:12
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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.
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Old 9th Feb 2016, 11:55
  #366 (permalink)  
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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.
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Old 18th Feb 2016, 01:24
  #367 (permalink)  
 
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Exclamation 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
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Old 18th Feb 2016, 04:03
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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
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Old 18th Feb 2016, 13:03
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Bristow not much better!

https://www.macroaxis.com/invest/rat...-Of-Bankruptcy
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Old 18th Feb 2016, 23:59
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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.
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Old 19th Feb 2016, 17:02
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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
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Old 19th Feb 2016, 21:11
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The rig will be supported by an Italian company operating Bell 412. (Undercut CHC by 50%)whilst in the Congo then off to the Black Sea for Total
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Old 20th Feb 2016, 17:54
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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.
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Old 20th Feb 2016, 18:03
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'm curious to know how you think AW undercut CHC by 50%? I heard CHC didn't bid.
Ah, don't spoil the story!

then subcontracted to Titan as they could at least provide something which looked like CHC (check Titan website).
Not surprising given their history.....
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Old 20th Feb 2016, 22:10
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Thumbs down

Because I have spent the last three years on this contract and now along with many others find myself without a job
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Old 20th Feb 2016, 22:46
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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.
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Old 4th Mar 2016, 15:41
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CHC Group reports fiscal 2016 third quarter results| Vertical Magazine - The Pulse of the Helicopter Industry
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Old 5th Mar 2016, 15:32
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From the Results:
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.
CHC CEO says:
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,
Max Contingency says: You cant polish a turd but it appears that you can in fact roll it in glitter and paste a humming bird logo on the side
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Old 5th Mar 2016, 22:56
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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.
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Old 5th Mar 2016, 23:05
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Originally Posted by Outwest
drawing the remaining balance on our revolving credit facility
So..... all the credit cards are maxed out?
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