What's happening in CHC?
Join Date: May 2003
Location: Aberdeenshire
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Pensions
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.
Especially in the case of a full default i.e. no recovery from Chapter 11.
In the US, the pensions are guaranteed up to a modest level by the PBGC.
It is surely different in other jurisdictions.
I do not know whether CHC had a unified pension scheme or how well it was funded. It may have been more country by country.
Join Date: Aug 2003
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CHC GO pensions for the non US/CDN resident crews was/is thru Fidelity and is a contribution based plan that is wholly in the employees name, CHC or their creditors have no access to that money.
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.
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?
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.
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.
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.
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.
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.
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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
Play safe over there folks.
Mother's Day Attacks: Bombs Hit 5 Thai Provinces, Killing 4
