Bristow files for Chapter 11 Bankruptcy
Joined: Mar 2006
Posts: 55
Likes: 0
From: USA ex-pat
Yes 'established' is not fair to say (I know some of the people - good people on the line in Trinidad), but replacements of the old 212's and 412's didn't happen without help is what I' meant.
Last edited by crunchingnumbers; 12th May 2019 at 21:16.
Joined: Aug 2000
Posts: 497
Likes: 31
From: A very long way North
Are there any ramifications to a company or its directors for entering Chapter 11? It seems like no more than a Get Out Of Jail Free card. Run a company badly, extract as much out of it as you can, then when it all goes wrong, cry “Chapter 11!!”, bin off all those tricky contracts and debt you don’t want, and just start again.
I’m sure there’s more to it than that, but is there any downside?
I’m sure there’s more to it than that, but is there any downside?
Joined: Jul 2006
Posts: 72
Likes: 5
From: Somerset
SLB - exactly what I was thinking.
To the end of March 2018, BHL posted a UK loss of £46.5m and had a net value of minus £43m (shareholders deficit) on the balance sheet, at that point in time.
Same period - Eastern posted a loss of £6.7m, but at least had a balance sheet value of £4.1m.
Does part of the Ch.11 allow for payments/support to continue being made to loss making subsidiaries, until the whole group of businesses have been reviewed?
To the end of March 2018, BHL posted a UK loss of £46.5m and had a net value of minus £43m (shareholders deficit) on the balance sheet, at that point in time.
Same period - Eastern posted a loss of £6.7m, but at least had a balance sheet value of £4.1m.
Does part of the Ch.11 allow for payments/support to continue being made to loss making subsidiaries, until the whole group of businesses have been reviewed?
Joined: Nov 2009
Posts: 1,556
Likes: 56
From: Inverness-shire, Ross-shire
Within Bristow Group, the value of BHL is kept artificially low and the expenses are driven artificially high by the leasing arrangements. I think Bristow Aircraft Leasing Ltd and Bristow Aviation Holdings Ltd, both Brit registered, are two of the mechanisms. If I was a financial officer at BHL, these are amongst the first suppliers I'd be talking to about trimming the outgoings!
Avia Quest Ltd was, until a few days ago, called Bristow Helicopters Leasing Ltd, but has changed its name, directors and persons with significant control during this critical period. A bit strange, but limited value involved and probably a single aircraft.
Avia Quest Ltd was, until a few days ago, called Bristow Helicopters Leasing Ltd, but has changed its name, directors and persons with significant control during this critical period. A bit strange, but limited value involved and probably a single aircraft.
Joined: Mar 2016
Posts: 203
Likes: 2
From: N of 49th parallel
Within Bristow Group, the value of BHL is kept artificially low and the expenses are driven artificially high by the leasing arrangements. I think Bristow Aircraft Leasing Ltd and Bristow Aviation Holdings Ltd, both Brit registered, are two of the mechanisms. If I was a financial officer at BHL, these are amongst the first suppliers I'd be talking to about trimming the outgoings!
Avia Quest Ltd was, until a few days ago, called Bristow Helicopters Leasing Ltd, but has changed its name, directors and persons with significant control during this critical period. A bit strange, but limited value involved and probably a single aircraft.
Avia Quest Ltd was, until a few days ago, called Bristow Helicopters Leasing Ltd, but has changed its name, directors and persons with significant control during this critical period. A bit strange, but limited value involved and probably a single aircraft.
Bristow Aviation has a 48.5% interest in Aviashelf Aviation Co. (“Aviashelf”), a Russian helicopter company. Additionally, Bristow owns 51% of two U.K. joint venture companies, Bristow Helicopters Leasing Ltd. and Sakhalin Bristow Air Services Ltd. These two U.K. companies lease aircraft to Aviashelf which holds the client contracts for Russian operations.
Joined: Nov 2004
Posts: 51
Likes: 0
From: Western Oz
From an SEC filing, https://investtribune.com/bristow-gr...8-k-on-may-13/
On May 10, 2019, BHL completed the sale of all of the shares of EAIL to Orient Industrial Holdings Limited (“OIHL”), an entity affiliated with Mr. Richard Lake, pursuant to a Sale and Purchase Agreement (the “EAIL Purchase Agreement”). Pursuant to the EAIL Purchase Agreement and related agreements, BHL contributed approximately £17.1 million to EAIL as working capital, OIHL acquired EAIL, BHL retained its controlling ownership of the shares in Humberside International Airport Limited that it previously held through EAIL and certain intercompany balances between BHL and EAIL were written off. As a result of the transaction, OIHL now owns and operates EAIL, which had previously operated as a separate unit within Bristow Group, and BHL maintains its controlling interest in Humberside Airport, from which BHL provides U.K. search and rescue services.
On May 10, 2019, BHL completed the sale of all of the shares of EAIL to Orient Industrial Holdings Limited (“OIHL”), an entity affiliated with Mr. Richard Lake, pursuant to a Sale and Purchase Agreement (the “EAIL Purchase Agreement”). Pursuant to the EAIL Purchase Agreement and related agreements, BHL contributed approximately £17.1 million to EAIL as working capital, OIHL acquired EAIL, BHL retained its controlling ownership of the shares in Humberside International Airport Limited that it previously held through EAIL and certain intercompany balances between BHL and EAIL were written off. As a result of the transaction, OIHL now owns and operates EAIL, which had previously operated as a separate unit within Bristow Group, and BHL maintains its controlling interest in Humberside Airport, from which BHL provides U.K. search and rescue services.
Joined: Oct 2002
Posts: 236
Likes: 4
From: All over the place
All is not lost, you can still trade Bristow shares in the OTC market. BRSWQ
$ 0.0852 (-0.2009) -70.22% Volume: 12,874,974
Low: 0.081 High: 0.2028 Year Low: 0.081 Year High: 18.91
After Hours: $ 0.0852 0.00 0.00%May 14, 2019 4:55 PMEDTVolume: 4,355,335
USDOTC PINKDELAYED PRICEMARKET CLOSEDMAY 14, 2019 3:59 PMEDT
https://stockhouse.com/companies/quote?symbol=brswq
$ 0.0852 (-0.2009) -70.22% Volume: 12,874,974
Low: 0.081 High: 0.2028 Year Low: 0.081 Year High: 18.91
After Hours: $ 0.0852 0.00 0.00%May 14, 2019 4:55 PMEDTVolume: 4,355,335
USDOTC PINKDELAYED PRICEMARKET CLOSEDMAY 14, 2019 3:59 PMEDT
https://stockhouse.com/companies/quote?symbol=brswq
COBI
Joined: Jan 2010
Posts: 605
Likes: 12
From: UK
both BHL and Eastern posted losses in the year ending March 2018
Joined: Aug 1999
Aviation Qualifications: ATP+Mil
Posts: 4,411
Likes: 83
From: Gold Coast, Australia
Bristow Helicopters Australia are seeking a HOO/Chief Pilot 
Joined: Mar 2011
Posts: 518
Likes: 50
From: London/Atlanta
Bristow Helicopters Australia are seeking a HOO/Chief Pilot
Having taken a brief look at the requirements, qualifications and expectations for this position I am of the conclusion that the current board of directors, CEO’s and whatever else they call themselves must be in need of more time to sit back and enjoy their ill gotten gains and try to off load all their responsibilities to one person who will probably end up as a scapegoat when there are no improvements.
Anyone fancy the position?
Having taken a brief look at the requirements, qualifications and expectations for this position I am of the conclusion that the current board of directors, CEO’s and whatever else they call themselves must be in need of more time to sit back and enjoy their ill gotten gains and try to off load all their responsibilities to one person who will probably end up as a scapegoat when there are no improvements.
Anyone fancy the position?
Joined: Sep 2006
Posts: 876
Likes: 0
From: Inside the Industry
Its going to be a short term position.
Bristow has 4 aircraft remaining in Australia. 2x AW139 in Tooradin and 2x S-92 in Pt Hedland. The Hedland contract officially ends in September although may extend to December. S-92 LIMSAR and night standby will soon be taken over by Babcock 139s from Karratha which will lead to further pilot redundancies.
Bristow has 4 aircraft remaining in Australia. 2x AW139 in Tooradin and 2x S-92 in Pt Hedland. The Hedland contract officially ends in September although may extend to December. S-92 LIMSAR and night standby will soon be taken over by Babcock 139s from Karratha which will lead to further pilot redundancies.
Joined: Jun 2012
Posts: 135
Likes: 0
From: Devon