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Bristow files for Chapter 11 Bankruptcy
Have been trying to get my pension from Bristow's Staff Pension Scheme for two years. I left the company in 1977. They are now saying that they have no record of me ever working for them Is anyone else having the same problem??
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I had similar concerns when I left Bristow....and cashed out my pension account....turns out to have been a wise move it seems.
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Originally Posted by Autonomous Collectiv
(Post 10471713)
Bristow finally achieved Target Zero, ... ... .
There's got to be a way we can get a LIKE button on here surely! |
I left the company in 1977 |
I worked for Bristow from 80-97. Like SAS, I converted my pension to an actuary agreed lump sum and merged it with my Superannuation fund 15 years ago. The UK Tax authorities make it slightly complex. |
DavidCg - I left Bristow in 1979, when Iran went pear-shaped, and a little time later I received a letter (sorry, can't remember from who) telling me that my Bristow Pension account had been transferred to Prudential. The Prudential corresponding office was, and still is, at Lancing in Sussex. I receive my pension tax-free as I'm not resident in the UK. It might be worth dropping Prudential a line:
Prudential Lancing BN15 8GB UK Ms. Tracy Harris Customer Service Director By the way, about 15 years ago I received a (surprise) letter from the National Insurance Board of Trinidad and Tobago telling me that I had an outstanding balance in my pension fund and how would I like to receive it, in installments or a lump sum? This time I took the lump sum, I did two years in Trinidad with Bristow and this was the first indication I had about a pension there. Thank you Trinidad! |
Originally Posted by Saint Jack
(Post 10534543)
DavidCg - I left Bristow in 1979, when Iran went pear-shaped, and a little time later I received a letter (sorry, can't remember from who) telling me that my Bristow Pension account had been transferred to Prudential. The Prudential corresponding office was, and still is, at Lancing in Sussex. I receive my pension tax-free as I'm not resident in the UK. It might be worth dropping Prudential a line:
Prudential Lancing BN15 8GB UK Ms. Tracy Harris Customer Service Director By the way, about 15 years ago I received a (surprise) letter from the National Insurance Board of Trinidad and Tobago telling me that I had an outstanding balance in my pension fund and how would I like to receive it, in installments or a lump sum? This time I took the lump sum, I did two years in Trinidad with Bristow and this was the first indication I had about a pension there. Thank you Trinidad! |
Bristow files for Chapter 11 Bankruptcy
Have been trying to get my pension from Bristow's Staff Pension Scheme for two years. I left the company in 1977. They are now saying that they have no record of me ever working for them Is anyone else having the same problem?? |
Originally Posted by DavidCg
(Post 10534128)
Have been trying to get my pension from Bristow's Staff Pension Scheme for two years. I left the company in 1977. They are now saying that they have no record of me ever working for them Is anyone else having the same problem??
Bristow sold off their (our) pensions to various insurance companies. In my case, I initially called Legal and General who after a search said they had no record. About 12 months later I received a letter, via HMRC? from the Prudential Insurance co who were actually looking for me! I would give those two companies a call. Don't get too excited about a Bristow pension, mine was for 12 years service, and it doesn't quite cover my annual council tax bill. Good luck, it's out there somewhere. Tony |
Originally Posted by Tony Mabelis
(Post 10534685)
Bristow sold off their (our) pensions to various insurance companies.
In my case, I initially called Legal and General who after a search said they had no record. About 12 months later I received a letter, via HMRC? from the Prudential Insurance co who were actually looking for me! I would give those two companies a call. Don't get too excited about a Bristow pension, mine was for 12 years service, and it doesn't quite cover my annual council tax bill. Good luck, it's out there somewhere. Tony David |
I thought Aeon dealt with the pensions? |
Yes, in the UK it's Aon, or to be more precise Aon Hewitt. They have been faultless in paying my Bristow Pension for the last 20 years.
Another avenue for folk to try... Contact Mike Ironside - he is The Secretary to the Trustee, Bristow Staff Pension Scheme, 11 Strand, London, WC2N 5HR. His email is [email protected] . I contacted him a couple of times with queries and he was very helpful. PSITL is, I think, Punter Southall Independent Trustee Services Ltd. Aon have a Dedicated Scheme telephone number: 0345 266 9369 or write to: Trustees of the Bristow Staff Pension Scheme, Aon, PO Box 196, Huddersfield, HD 8 1EG. Re Prudential, a little grey cell has just woken up to suggest to me that they held Bristow AVC contributions? Good Luck! |
Originally Posted by Democritus
(Post 10534830)
Yes, in the UK it's Aon, or to be more precise Aon Hewitt. They have been faultless in paying my Bristow Pension for the last 20 years.
Another avenue for folk to try... Contact Mike Ironside - he is The Secretary to the Trustee, Bristow Staff Pension Scheme, 11 Strand, London, WC2N 5HR. His email is [email protected] . I contacted him a couple of times with queries and he was very helpful. PSITL is, I think, Punter Southall Independent Trustee Services Ltd. Aon have a Dedicated Scheme telephone number: 0345 266 9369 or write to: Trustees of the Bristow Staff Pension Scheme, Aon, PO Box 196, Huddersfield, HD 8 1EG. Re Prudential, a little grey cell has just woken up to suggest to me that they held Bristow AVC contributions? Good Luck! |
Originally Posted by Democritus
(Post 10534830)
Yes, in the UK it's Aon, or to be more precise Aon Hewitt. They have been faultless in paying my Bristow Pension for the last 20 years.
Another avenue for folk to try... Contact Mike Ironside - he is The Secretary to the Trustee, Bristow Staff Pension Scheme, 11 Strand, London, WC2N 5HR. His email is [email protected] . I contacted him a couple of times with queries and he was very helpful. PSITL is, I think, Punter Southall Independent Trustee Services Ltd. Aon have a Dedicated Scheme telephone number: 0345 266 9369 or write to: Trustees of the Bristow Staff Pension Scheme, Aon, PO Box 196, Huddersfield, HD 8 1EG. Re Prudential, a little grey cell has just woken up to suggest to me that they held Bristow AVC contributions? Good Luck! |
PK AirFinance moves to seize 24 helicopters from Bristow
Beleaguered Bristow Group is facing a challenge to its restructuring plans after loan provider PK AirFinance moved to repossess two dozen helicopters operated by various subsidiaries of the offshore transport specialist. According to US bankruptcy court documents by GECAS-owned PK AirFinance on 9 August initiated the "enforcement action" related to the rotorcraft. In all, 24 helicopters are security against loans totalling $230 million between Luxembourg firm PK AirFinance and Bristow Equipment Leasing (BELL), a Cayman Islands-based subsidiary of Bristow Group. US-headquartered Bristow Group, and subsidiaries including BELL, entered Chapter 11 bankruptcy protection in May to deal with a crippling debt load. PK AirFinance argues that BELL has missed loan payments and "has not cured all defaults, nor has it agreed to perform all future obligations" under the terms of the financing agreements. Instead, as part of Bristow Group's financial restructuring under Chapter 11, BELL is proposing to cancel the debt secured by the helicopters and issue a new agreement relating to the aircraft. Issuing the "demand for possession of aircraft" gives Bristow Group 10 days notice of the action. The 24 helicopters comprise five Leonardo AW139s, five Sikorsky S-76Ds and 14 S-92s, operated by Bristow Group companies in Australia, Nigeria, Norway and the UK. |
This could be good news or bad news for Bristow. If the aircraft are sitting idle is good news to off load them but if they are on contracts could be bad news if they don´t have aircraft available to take there place.
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Originally Posted by twisted wrench
(Post 10545758)
This could be good news or bad news for Bristow. If the aircraft are sitting idle is good news to off load them but if they are on contracts could be bad news if they don´t have aircraft available to take there place.
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I don't know how these things work, but on the face of it, 5 x AW139 + 5 x S76D + 14 x S92 would have to be worth more than $230M. So my way of thinking it would be an OK deal for the finance company for them to repossess them all.
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If they reposes them So much for big Dons claim that being Bankrupt in the US wont effect other independent parts of the Group..
Imagine if the 92s were the UKsar assets? All of a sudden no cash... |
List of aircraft and location at the time of the signing from the legal documents
(i) in respect of Aircraft 1, Aircraft 3, Aircraft 4 and Aircraft 5, Australia; (ii) in respect of Aircraft 7, Aircraft 8, Aircraft 9, Aircraft 11 and Aircraft 13, the United Kingdom; (iii) in respect of Aircraft 2, Aircraft 6, Aircraft 10, Aircraft 12, Aircraft 16, Aircraft 17 and Aircraft 18, Norway; and (iv) in respect of Aircraft 14, Aircraft 15, Aircraft 19, Aircraft 20, Aircraft 21, Aircraft 22, Aircraft 23 and Aircraft 24, Nigeria “Aircraft 1” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 41339 “Aircraft 2” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920124 “Aircraft 3” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 31583 “Aircraft 4” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 41370 “Aircraft 5” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920221, “Aircraft 6” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920159, “Aircraft 7” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920068 “Aircraft 8” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920065, “Aircraft 9” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920066, “Aircraft 10” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920228, “Aircraft 11” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 31310, “Aircraft 12” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920070, “Aircraft 13” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 41378, “Aircraft 14” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920103, “Aircraft 15” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920082, “Aircraft 16” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920025, “Aircraft 17” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920011, “Aircraft 18” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920012, “Aircraft 19” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920075, “Aircraft 20” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761070 ,21 means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761071, Aircraft 22” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761044, “Aircraft 23” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761045 “Aircraft 24” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761046,. full bs here http://ir.bristowgroup.com/static-fi...b-44c27eac776d |
Aicraft registrations and assumed locations entered in the quote.
Originally Posted by lowfat
(Post 10546233)
List of aircraft and location at the time of the signing from the legal documents
(i) in respect of Aircraft 1, Aircraft 3, Aircraft 4 and Aircraft 5, Australia; (ii) in respect of Aircraft 7, Aircraft 8, Aircraft 9, Aircraft 11 and Aircraft 13, the United Kingdom; (iii) in respect of Aircraft 2, Aircraft 6, Aircraft 10, Aircraft 12, Aircraft 16, Aircraft 17 and Aircraft 18, Norway; and (iv) in respect of Aircraft 14, Aircraft 15, Aircraft 19, Aircraft 20, Aircraft 21, Aircraft 22, Aircraft 23 and Aircraft 24, Nigeria “Aircraft 1” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 41339 [G-CKYP - Norwich, UK] “Aircraft 2” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920124 [LN-ONY - Hammerfest, NO] “Aircraft 3” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 31583 [G-CIMU - Norwich, UK] “Aircraft 4” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 41370 [ZH-ZFP - Bairnsdale, AU] “Aircraft 5” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920221, [VH-ZUW - Port Hedland, AU] “Aircraft 6” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920159, [LN-OIB - Bergen, NO] “Aircraft 7” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920068, [G-IACF - Scatsta, UK] “Aircraft 8” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920065, [G-IACD - Sumburgh, UK] “Aircraft 9” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920066, [G-IACE - Aberdeen , UK] “Aircraft 10” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920228, [LN-ONM - Stavanger, NO] “Aircraft 11” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 31310, [G-CHBY - Aberdeen, UK] “Aircraft 12” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920070, [LN-ONT - Norway, ?? not flying??] “Aircraft 13” means (i) the AgustaWestland model AW139 aircraft with manufacturer’s serial number 41378, [G-CIKO - Norwich , UK] “Aircraft 14” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920103, [G-CGCI - Aberdeen, UK] “Aircraft 15” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920082, [5N-BLX, Nigeria] “Aircraft 16” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920025, [LN-ONP - Stavanger, NO] “Aircraft 17” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920011, [LN-ONN - Stavanger, NO] “Aircraft 18” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920012, [LN-ONO - Stavanger, NO] “Aircraft 19” means (i) the Sikorsky model S-92A aircraft with manufacturer’s serial number 920075, [5N-BOA, Nigeria] “Aircraft 20” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761070 [5N-BTD, Nigeria] ,21 means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761071, [5N-BTE, Nigeria] Aircraft 22” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761044, [5N-BRW, Nigeria] “Aircraft 23” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761045 [5N-BRX, Nigeria] “Aircraft 24” means (i) the Sikorsky model S-76D aircraft with manufacturer’s serial number 761046, [5N-BRY, Nigeria] |
Bristow Australia's contract with Santos supporting its Port Hedland based drilling program will be having a 12 month break from the end of October 2019. Bristow is believed to be re-deploying 2x S-92s VH ZUV and VH ZUW internationally to service other "contractual" requirements. VH ZUW which was included in the list of Bristow Equipment Leasing aircraft subject to missed payments could find its way back to GECAS owned PK Air Finance as a repossession.
From a high of over 30 offshore contracted helicopters and 500+ staff in 2014, Bristow Australia will now only be left with its Beach Energy contract for 1x AW139 + 1x uncrewed technical backup based in Tooradin, Victoria. Bristow has recently vacated its Perth Airport offices it occupied since 1994 and is understood to be vacating Western Australia's oil and gas market completely reducing to just a base office in Tooradin, Victoria. Coupled with its wholly owned airline Air North for which Bristow paid $32m in 2015 being for sale, its hard to see how Bristow will be able to continue as a going concern in Australia as it downsizes to just 5% of its 2014 footprint. |
good luck to the BRS staff, many who have been loyal to the company for a long time. Some good 92 blokes there. Amazing that when I interviewed for BRS in oz in 2011 they were expanding like mad. Not quite sure how it all went so bad for them.
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Originally Posted by Brother
(Post 10558379)
Not quite sure how it all went so bad for them.
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Surprisingly low activity in this thread, makes me wonder why. No rumors from within Bristow? Bristow now closing a deal with PK Airfrance/Milestone with dedicated hearing sept. 18. See docket 610. The agreement between the Debtors and the Milestone Parties set forth in the Milestone Term Sheet resolves several months of disputes, provides the Debtors with lease rates more aligned to market, consensually modifies a credit facility secured by, among other collateral, twenty-four aircraft, and resolves what would otherwise be a contested confirmation process with the Milestone Parties. |
Well they hardly wanted to repossess them did they
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PK was/ is financing arm at GECAS, not a leasing company, and they were/ are acting as the agent for a financing consortium of lenders who may have had a very different view on seizing aircraft. The PK agreement is essentially a secured loan and those aircraft are not Milestone leased aircraft per se. They are (were) BRS owned aircraft with a secured loan against them. Not wildly important distinction but HC def hits the nail on the head when noting that lenders make money when they lend, not repossess.
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Is this the same Milestone that injected $300M USD into CHC to help them out of chapter 11? The same Milestone which is part of GE? The same GE that the previous CHC CEO was employed by, prior to him taking over CHC and taking it into chapter 11?
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Not sure if that's aimed at me but, er yes. I think you already knew that though. The PK aircraft were not Milestone aircraft (parent company exempted), that's my only point. But I think you knew that too. PK's financing activities in rotary are dwarfed by those in fixed wing, rotary financing is just a small side line for that business unit.
Milestone injected the money into CHC as a way to keep their aircraft working, create obligation and make money in the medium term. It's actually a great deal for them, CHC needed money and Milestone wanted to keep their aircraft on contract with CHC, especially at the expense of their rivals. So this was a good bit of business for both parties. KF came to CHC from GE's Power Division, although he had worked in the aviation side (never in GECAS though). Not entirely sure what your point is on that one? |
Bristow emerges from Chapter 11 bankruptcy protection
Bristow Group Inc. on Nov. 1 announced that it has emerged from Chapter 11 bankruptcy protection, successfully completing its debt restructuring process and implementing the Chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Oct. 4, 2019.
Bristow has reduced its debt significantly and is emerging with $535 million of new capital, which it believes will provide significant financial flexibility to support its global operations. The company also announced it has amended and reinstated its $75 million term loan as of its emergence. L. Don Miller, president and chief executive officer of Bristow, said, “We are beginning this new chapter of Bristow’s proud history having achieved our key restructuring goals: a stronger balance sheet and improved liquidity that will enable us to continue providing industry-leading service to our global client base. I would like to commend our global team for its unwavering focus on delivering safe and efficient service to our clients and passengers as we navigated the restructuring process.” Miller continued, “We are committed to further building on our global leadership role in offshore oil-and-gas transportation and search-and-rescue. As we have throughout this process, we remain focused on being ‘best in class’ for all our stakeholders, particularly our employees, customers and new owners as we continue to look for ways to drive innovation and efficiencies across the global business.” In accordance with the plan of reorganization, Bristow’s new board of directors has assumed its responsibilities. The new board will be chaired by Aris Kekedjian, and includes Wesley E. Kern, Robert J. Manzo, Lorin L. Brass, G. Mark Mickelson, Brian D. Truelove, Hooman Yazhari and L. Don Miller, who will continue to serve on the board. Former Bristow director Ian A. Godden will continue to serve as chairman of Bristow Aviation Holding Limited, Bristow’s U.K. affiliate, and serve in an advisory role to Bristow. |
The Blind Leading The Blind
Out of the frying pan, into the fire.......... :uhoh:
NEO |
Has someone just allowed them to print some more money?
Debt restructuring sounds like robbing Peter to pay Paul. |
It’s a debt for equity swap essentially, similar to PHI. There is not one real aviation qualified person on the new Bristow board. The new owners will want their money back as soon as possible, but operating profits are almost impossible to achieve in the current oil and gas environment. The UK SAR contract might be the only profitable part. The oil and gas industry globally is going to have to get used to paying more or find another way to crew change it’s workers. |
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