What's happening in CHC?

[twisted wrench]

Miri, Malaysia and moving some S92 there to fill in for the 225.

[CG4A]

Westar is currently doing the work in Miri. AWAN is bidding 3 92s (w/CHC help), but no contract award yet.

[heliwatcher]

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?

[Noiseboy]

$60,000,000 of which is 'professional fees'

[heliwatcher]

Lease payments are ~$75M and "OEM" payments are ~$80M. Maybe they have not been as successful as some have thought about returning aircraft. . . . .

[lowfat]

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".

[Max Contingency]

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

[heliwatcher]

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.

[Self loading bear]

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

[havick]

I thought it quite sad that they were saddled with such crippling debt for so long

And who do they have to blame for that?

I suppose the managers responsible for making such dumb decisions have no accountability at all.

[Holy Moly]

Originally Posted by havick

And who do they have to blame for that?

How long have you been in aviation? It's ALWAYS the pilot's fault!

[Apache Pappy]

I see that Avnet has removed the "interim status" for former CHC CEO Bill Amelio.....He now is the permanent CEO of Avnet.

They all protect their own.

[Holy Moly]

Shouldn't the hummingbird be out of Chapter 11 by now? (If things were going well. . . )

[nowherespecial]

October/ November likely exit but must be by January or Ch 7.

[Rotorhead124]

Does anyone know if there will be a CHC Summit next year, or ever?

[Shell Management]

The dates are April 3-5, 2017

[212man]

http://www.chcsafetyqualitysummit.com/

I think there is a difference between 'marking your calendar' and the event actually going ahead, but let's see!

[Max Contingency]

Looks like there were some BIG write downs in the August SEC filing:

May - Net Loss $63 mil
Jun - Net Loss $35 mil
Jul - Net Loss $102 mil
Aug - Net Loss $659 mil

[212man]

I hear they've been bought.....

[Ian Corrigible]

Bailed out by one of their major lessors (Milestone):

CHC Group announces $450 million in commitments to recapitalize the company

I/C