The 'mutt has a bone, so asking for anything factual or non-inflamatory probably won't work :E

Tasspook, I am trying to see what CHC can do about any of those things? CHC can hardly go and arrest suspects can they? Build a house with higher walls, more private security, more guns?

When you chose to come and work in Africa (and other parts of the world but I know which incidents you refer to) you get extra money for the risks you face. If the money doesn't equate to the risk you think you're facing, go and work in a developed world country but don't complain about the lower money. There is very little that the helicopter operators (any of them) can do about the overall political stability or petty crime within the countries it operates in.

I take your point about your seemingly crazy pilot with a gun though. That's not right.

Africa? Sounded like Thailand (TAS)?

P&A, I was thinking about the policeman pointing a gun at a CHC staff member, apologies.

Hey Variable Load, bit unfair dont you think? I only ever state fact….just about.

No apologies necessary to me. I am not aware of the incidents referred to above and they seemed very cryptic to me. I assumed that TAS referred to Thai Air Services.

A police gun pointed at you is just 'going to work' in some places, I agree.

A pilot was out walking when he heard what sounded like small caliber gun being discharged and the shell/bullet whatever, passing very close to him. He was the only person on the road.

Appears a disgruntled TAS driver threw the grenade into the accomodation compound, luckily injuring no-one but it did leave some marks on the walls. :ooh:

I have no 'bone' but when asked what I know, I'll tell you. Why would I need to make this up? I don't work for CHC.

Here are the Facts on CHC's Fiscal performance

85% of the Heli's are Leased
50% of the Heli's are NOT on Contract

Last Financial Year
1,650 Million total Income approx

Last Financial Year Expences (NOT ALL JUST THE BASICS)
109 Million P.A. in Administration (hangers on in Head Offices)
330 Million Crew Costs ( no change in the last 2 years)
1,100 Million in Leasing Costs (Heli's, building ETC)
145 Million Interest on Primary Debt.

Last Financial Year
190 Million NET LOSS

Look at the Interest on primary debt $145 Million.....so even if the Company has NO Debt it would still run at a loss.

That $600 Million CD & R bought as preferred Shares is just another Company Credit Card ....CD & R receive 8.5% Interest P.A. on the purchase Price....Take at look at the the last Quartely results and you will see the 10 Million in interest.
So what they have done is take the $600 Million dropped down the Primary Debt from around 1.5 Billion to 1.3 Billion...Spent god knows how much on new Machines, because no leasing Company will touch them....The end result is in reality the Primary Debt as I see it was about 1.45 Billion and it has now ballooned out to around 1.7 Billion. I haven't even mentioned the Senior Notes yet....I won't go into to much detail....But it goes like this... there is 100's of Millions in Senior Notes that the Company doesn't have to pay a cent on until the maturity of the Agreement.

If there was ever a Company that was insolvent this is it.

It's like this....If you had a Credit Card that got maxed out on,....Then you would get another one to pay the interest Bill on the first Card (Senior Notes) Then when the Second Card get maxed out you get a third Card ( CD & R $600 Million @ 8.5%) to pay the Interest on the Second.

That Moron Joan Hooper only ever Quoted EBITDAR and Cash Flow...No wonder she was sacked!

I give the Company 2 Years MAX before the Padlocks go on the Doors.
My best bet is G.E. will swoop in when it finally grinds to a halt.

If you want hours and hours of Fun Reading here are the 175 Pages of the FACTS (Form 10K)

If anyone things they can dig they way out of this Hole I'm all Ears!!

GE buying CHC for a notional $1 and getting their debt refinanced at a rate available to GE (and not currently to CHC) would at a stoke solve almost every single one of CHC's problems. bringing down the cost of capital to repay the debt from 9% ish to about 4-5% which is available to GE would make CHC significantly more competitive on financials. Think of the effect that Babcock as a FTSE 100 company have had on Avincis.

The sad thing about this all is that it it really no one currently at the company's fault.

That said, lets be clear Buzz, you are quoting last year's numbers (FY13-14) which were horrible. FY14-15 results are out 28 June. I don't expect CHC to be making loads of money (or any at all if I'm honest) but I do hope (expect?) them to be better as CD&R have paid down a few of the worst % debt notes and as MGD has alluded to, wheels are turning to fix the 'Lenovo debacle'.

Wow, that is some grim reading :ooh:

I agree with the G.E. thing.

As for no-one's fault..I disagree...While the IT platforms has caused additional financial burden with no end game (Bill Amelio)...The blame falls squarely on First Reserve for Leveraging the Company way too hard and relying 100% on growth to pull it's way through.....

Here is just one example of why dip****'s like First Reserve should not get involved in Aviation.....CHC OWNED... NOT leased a Company called Sarquip in Darwin Australia. They serviced Life rafts, Jackets ETC. First reserve sold it!! So you have 2 life rafts in each Aircraft, that need servicing every year.
Each Life Raft weighs around 45KG...so on just one Base alone you have 8 Rafts that now get sent all the way around the world each year. Mutiply this by all the other bases and you can see how this one little thing costs the Company hundreds of thousand of Dollars more in Freight alone.
The turn around time when they owned Sarquip was 1 WEEK..This blew out to 6 MONTHS....They thought there **** didn't stink when they reduced it to 3 Months....Talk about not see the forest for the trees.

The Global Platforms like Heli-One are only good for Heli-One and come at a massive expensive to the overall Company. They do this I believe to largely to reduce there Company tax bill....Heli-One charges Australia far more for Parts and Overhauls than they are worth....I still have proof of this....Companies like Apple are currently in the **** with the ATO for this very behaviour.

109 Million in Admin Costs...This equates to 4 Office staff for each and every Aircraft, or 8 Office staff for Aircraft on Contract. If the new CEO was even half the Man Jack Welsh was ( Read the Book "Winning") then the next head to roll will be RAY BENNETT. Followed by a 50% reduction in office Staff,,,,,But no they want to Retrench the people who actually make them Money...10 Engineers & 20 Pilots are going to go from Australia..They don't have enough now to cover Annual Leave, Sick Leave & Training let alone keeping some on the books for when things turns around.....But no mention of culling the 9 Safety and Quality People we have. Why do you need 2 People in Recruitment when you are not Hiring!!

When the next results come in you will see the overall net loss become bigger not smaller...you can't rack up another $40 + Million interest bill P.A. (CD & R) an not have effect on the Net Loss.... Compounding interest works both ways.

Apart from the massive amount of debt the largest problem is leasing fees for around 30% of Aircraft not producing any income.

Last post I forgot to post the Link to the Form 10K

CHC Group Ltd. (Form: 10-K, Received: 07/10/2014 17:09:01)

To make the situation even more grim, the following law firms have announced to file a class action lawsuit against CHC:
Kahn Swick & Foti;
Lieff Cabraser Heimann & Bernstein;
Brower Piven;
Rayan & Manikas;
Faruqi & Faruqi;
Wolf Haldenstein Adler Freeman & Herz;
Rigrodsky & Long;
The Rosen Law Firm;
Scott & Scott;
Glancy Prongay & Murray;
Kessler Topaz Meltzer & Check;
Kirby McInerney;
Robbins Arroyo.

:ooh:

job @ CHC?
 

I do personally know one of the Chc Global pilots detached to den Helder as you mentioned, the option to join the operation permanently since he was about to made redudant was never on the table.
In fact he has been made redundant and he is out there looking for a job
Fly safe

I know him personally as well and we all know why he was not offered a permanent slot don't we? For those of you who might be wondering let me just say it has nothing to do with his ability, but completely to do with where he was born or more to the point where he was not born ;)

Great post there Buzz66, I just have a couple comments.....

Is that really the best description you could come up for her? If you need any help finding suitable adjectives let me know....I have a few for Billy as well.

You are being generous here...although I do see you put MAX in bold.

I so hope you win that bet :ok:

Jewel in the Crown in Jeopardy?
 

Well - rumoured lately that TAS and HNZ are courting. That would be a huge hit for CHC to get divorced from TAS. HNZ seems to be on a roll, and look to be targeting anything CHC. :eek:

Not surprising when you consider that a lot of the HNZ Management is ex CHC. The market is quiet, better to cause a divorce and partner up with someone's ex wife than no one at all.

What work does TAS have now? I thought that Weststar won the old TAS work?

TAS/CHC have the main Gulf of Thailand work. 2 S92's and 8 S76 in total I believe. I heard a recent rumour that TAS were looking at breaking from CHC but it wasnt from a reputable source so no idea how much truth was in it.

Weststar, along with United Offshore took the work from Si-Chang. Si-Chang moved up to Uttapao.
TAS have a base at the same northern Gulf airfield. The main TAS base is at Nakhon Si Thammarat, but they also have an s76 aircraft on a short contract out of Songhkla utilising TAS/CHC staff.

Some CHC Global EASA pilots have been made redundant rather than placed in DH..go figure? And GHPA are doing what exactly to help these people:rolleyes:...

Answer.....NOTHING. The word seniority does not even appear in the GHPA CBA