Go Back  PPRuNe Forums > Aircrew Forums > Rotorheads
Reload this Page >

What's happening in CHC?

Rotorheads A haven for helicopter professionals to discuss the things that affect them

What's happening in CHC?

Old 10th Aug 2016, 15:00
  #681 (permalink)  
 
Join Date: Dec 2009
Location: Moo moo land
Posts: 286
have the pension funds been raided aka BHS?
lowfat is offline  
Old 10th Aug 2016, 18:11
  #682 (permalink)  
 
Join Date: Dec 2007
Location: Asia Pacific
Age: 49
Posts: 1,762
have the pension funds been raided aka BHS?

Absolutely not; someone just asked a question.....


Has anyone any idea what might happen to pensions to be provided by CHC and it's sister companies and to which we have contributed?

Especially in the case of a full default i.e. no recovery from Chapter 11.

Which someone answered....


Creditors legally have no access to pension pots. Should be no effect whatsoever.

I will add that CHC not recovering from Chap 11 (see above) is a fairly remote prospect.


Can we take our fingers off the 'people panicking about our pensions for no valid reason' button now?
minigundiplomat is offline  
Old 10th Aug 2016, 20:58
  #683 (permalink)  
 
Join Date: Dec 2009
Location: Moo moo land
Posts: 286
so about the time bristows enter it then?
lowfat is offline  
Old 10th Aug 2016, 22:32
  #684 (permalink)  
 
Join Date: May 2011
Location: NEW YORK
Posts: 666
If a major corporate investment such as the 225 fleet loses value, management must respond.
Unfortunately, most countries do not have the legal adjustment mechanism that Chapter 11 provides in the US.
I know that restructuring can be much more difficult in non US jurisdictions, but don't have a fix on Bristows legal circumstances.
Surely it makes no sense to drive the enterprise over the cliff if one asset turns sour, even if it is a major asset.
So there must be way for management to compartmentalize the loss.
etudiant is offline  
Old 10th Aug 2016, 23:26
  #685 (permalink)  
 
Join Date: Apr 2003
Location: USA
Posts: 107
Originally Posted by Mitchaa View Post
As above, country specific.

Scotia ended their final salary schemes circa 2009 so all contributions before this date in theory could be at risk if Scotia were to go under (Just look at the current BHS Philip Green fiasco) -

However, few points to note, 1) The U.K. Government has a pension protection scheme that safeguards against complete loss of any defined benefit pension schemes with the majority of the funds being protected. 2) As previously discussed, CHC Scotia are not at risk, even if the worst were to happen and the CHC group failed to exit chapter 11. 3) All pension contributions made after 2009 are secured in 3rd party pension funds (Scottish Widows etc) and nothing to do with the company.

CHC have just been awarded a 2yr contract in Australia supporting the Australian Army with EMS.

The extension is a normal process in Ch11 proceedings which allows the company a little more breathing space, the extension (Ch 11 entered May 16) takes them to the end of the year (+8mths) but it's likely they will exit some time before this date.
Isn't the Aussie Army EMS contract more like a CWN contract? I.e. there really isn't much work but we'll call you when we need a machine?

From memory Australian Helicopters and Careflight also held these contracts at one point but they only used spare machines when the Army called them to cover an exercise here and there.
havick is online now  
Old 12th Aug 2016, 07:28
  #686 (permalink)  
 
Join Date: Jun 2015
Location: ABZ
Posts: 48
Looks like things are a little 'dicey' near one of CHC's last Asian locations.

Play safe over there folks.

Mother's Day Attacks: Bombs Hit 5 Thai Provinces, Killing 4
Holy Moly is offline  
Old 12th Aug 2016, 07:32
  #687 (permalink)  
 
Join Date: Mar 2016
Location: N of 49th parallel
Posts: 151
CHC doesn't have any bases in Thailand
Apate is offline  
Old 12th Aug 2016, 07:48
  #688 (permalink)  
 
Join Date: Jun 2015
Location: ABZ
Posts: 48
They still have a number of staff in Nakhon Si Thammarat... Nein?
Holy Moly is offline  
Old 12th Aug 2016, 08:36
  #689 (permalink)  
 
Join Date: Mar 2016
Location: N of 49th parallel
Posts: 151
Probably. Although quite how far the "CHC cleansing" has progressed I'm not sure.

However I wouldn't call TAS as "CHC location".
Apate is offline  
Old 13th Aug 2016, 13:08
  #690 (permalink)  
 
Join Date: Jun 2015
Location: ABZ
Posts: 48
Are there any 'CHC Bases' left?
Holy Moly is offline  
Old 13th Aug 2016, 20:07
  #691 (permalink)  
 
Join Date: Jul 2008
Location: Nova Scotia
Age: 62
Posts: 17
Believe Kaz, Malabo and Bata are it from the "Global" perspective.
CG4A is offline  
Old 13th Aug 2016, 22:57
  #692 (permalink)  
 
Join Date: Jan 2007
Location: here and there
Age: 63
Posts: 137
Miri, Malaysia and moving some S92 there to fill in for the 225.
twisted wrench is offline  
Old 14th Aug 2016, 12:59
  #693 (permalink)  
 
Join Date: Jul 2008
Location: Nova Scotia
Age: 62
Posts: 17
Westar is currently doing the work in Miri. AWAN is bidding 3 92s (w/CHC help), but no contract award yet.
CG4A is offline  
Old 30th Aug 2016, 16:31
  #694 (permalink)  
 
Join Date: Mar 2016
Location: Dallas
Posts: 15
Financial forecast in court filings

Is anyone else looking at the court filings for CHC? As far as I can tell they are forecasting a loss of $90M between now and the end of the year. Am I reading this right?

Thoughts?
Attached Files
File Type: pdf
1631854160826000000000030.pdf (518.6 KB, 62 views)
heliwatcher is offline  
Old 30th Aug 2016, 18:08
  #695 (permalink)  
 
Join Date: Jul 2005
Location: UK
Posts: 49
$60,000,000 of which is 'professional fees'
Noiseboy is offline  
Old 30th Aug 2016, 18:11
  #696 (permalink)  
 
Join Date: Mar 2016
Location: Dallas
Posts: 15
Lease payments are ~$75M and "OEM" payments are ~$80M. Maybe they have not been as successful as some have thought about returning aircraft. . . . .
heliwatcher is offline  
Old 30th Aug 2016, 22:56
  #697 (permalink)  
 
Join Date: Dec 2009
Location: Moo moo land
Posts: 286
all the leases I have been involved in have a deposit held in a account.
It is released on satisfactory return of the machine post return from lease maintenance, perhaps its this "loss".
lowfat is offline  
Old 31st Aug 2016, 10:29
  #698 (permalink)  
 
Join Date: May 2000
Location: uk
Posts: 267
CHC haven't released any earnings/loss/profit releases during this process
CHC have increased their financial reporting rate to monthly. The reports can accessed on the CHC website under SEC Filings:

May - Net Loss $63 mil
Jun - Net Loss $35 mil
Jul - Net Loss $102 mil

Loved the bit where they apologised that they had to pay the electricity bill in Aberdeen before they could obtain court permission as the supplier was about to disconnect them!

Maybe the last one out wont have to turn the lights out after all LOL
Max Contingency is offline  
Old 31st Aug 2016, 19:49
  #699 (permalink)  
 
Join Date: Mar 2016
Location: Dallas
Posts: 15
Mitchaa- No scaremongering here. Just trying to understand the situation. It is unclear on the Disbursements what they mean by "Aircraft leases - Current" and "Aircraft Leases - Catchup."

I am actively rooting for CHC to come out of this intact and in better financial shape. I thought it quite sad that they were saddled with such crippling debt for so long.
heliwatcher is offline  
Old 31st Aug 2016, 20:13
  #700 (permalink)  
 
Join Date: Jun 2014
Location: Netherlands
Age: 50
Posts: 1,628
Lease catch-up

Some background can Be found here
lease catch up

Not that it was much clearer to me, but perhaps somebody else?
I understand it is for variable lease payments.


SLB
Self loading bear is online now  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.