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-   -   Bristow files for Chapter 11 Bankruptcy (https://www.pprune.org/rotorheads/621407-bristow-files-chapter-11-bankruptcy.html)

workhorse22 15th Aug 2019 22:42

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]




barbados sky 30th Aug 2019 11:23

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.

Brother 31st Aug 2019 05:50

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.

Shell Management 31st Aug 2019 15:33


Originally Posted by Brother (Post 10558379)
Not quite sure how it all went so bad for them.

Some say a certain INPEX aviation adviser who had a big hand in that.

workhorse22 5th Sep 2019 18:07

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.

helicrazi 5th Sep 2019 20:29

Well they hardly wanted to repossess them did they

nowherespecial 10th Sep 2019 10:03

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.

NumptyAussie 10th Sep 2019 10:21

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?

nowherespecial 10th Sep 2019 11:13

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?

nomorehelosforme 4th Nov 2019 12:10

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.


Nigerian Expat Outlaw 6th Nov 2019 10:50

The Blind Leading The Blind
 
Out of the frying pan, into the fire.......... :uhoh:

NEO

[email protected] 6th Nov 2019 14:51

Has someone just allowed them to print some more money?

Debt restructuring sounds like robbing Peter to pay Paul.

industry insider 6th Nov 2019 22:37

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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