Mitchaa wrote

Leaner maybe, stronger, not so sure. Chapter 22 anyone?

What would the new company be called?


https://cimg6.ibsrv.net/gimg/pprune....a4e16a1fe5.png


https://cimg7.ibsrv.net/gimg/pprune....ff8cf2e8c0.png

Go4Broke Heli's with a Motto...."Here Today....Gone Tomorrow!".

I can see where you are coming from with YANK + YANK. That does not appear to be the strongest suit to play these days.

Honestly I don't think it's anything to be proud of. Racking up a bunch of debt and not being able to service it due to mis-management, and then walking away from said debt. Even if they are doing well now, they screwed a bunch of people over and left a trail of destruction in their wake.

Bristow is about to do the same.

Exactly....

That is because the lender is supposed to be the adult in the room, the person who says no when things get too risky.
Sadly the widespread zero interest rate policies have made the adult lenders look stupid, so now any plausible story is valued at a billion dollars, a unicorn.
Reality may creep in eventually, but right now money is seeking deals rather than the other way around.
Probably a great time to start a business, lots of (too) eager lenders.

Yes another company offered him a job in Cincinnati and he took it, he will announce soon where he is going. I wish him well, my personal opinion he did a very good job as CEO at CHC.

Helicopter Owner CHC Pressured Amid Prolonged Offshore Drilling Slump; The Texas-based company has posted net losses since emerging from bankruptcy in 2017The Wall Street Journal

By Alexander Gladstone

July 24, 2019

CHC Group's helicopter leasing business is under pressure as costs rise and the continued stagnation in U.S. offshore drilling activity impacts the company's oil- and gas-producing customers.The Irving, Texas-based company, which emerged from chapter 11 in 2017, told investors this week that it remains unprofitable amid weak revenue growth and rising costs, continuing a record of net losses since the financial restructuring, according to a person familiar with the private disclosure.CHC is confronting a chronically slumping U.S. offshore drilling industry that provides most of the company's business. The company's revenue for the fiscal year ending in April were $876 million, a 3% annual increase. But CHC posted a $137 million net loss as costs rose, compared with the previous year's $120 million net loss, the person familiar with the matter said.The company finished the fiscal year with $866 million of debt and $87 million of total cash, the person said.

CHC didn't respond to a request for comment.

The company's core business is leasing its helicopters to offshore oil-and-gas drillers for use in ferrying personnel and equipment to deep-sea platforms. With Brent crude oil prices hovering around $65 a barrel, drilling companies have pulled back on initiating new offshore projects because they are not economical given the pricing environment.As a result, demand for helicopters has slumped. Last year, aircraft manufacturer Sikorsky sold just four heavy helicopters, compared with 42 in 2014, according to IBA Group, an aviation research company.CHC peers PHI Inc. and Bristow Group both filed for chapter 11 protection in recent months. Waypoint Leasing Holdings Ltd., a major helicopter leasing firm that CHC has contracted with, also filed for bankruptcy last November.CHC trimmed about $925 million in debt in 2017 while reducing its fleet of helicopters by roughly 100 during the bankruptcy.

Yup, it's obviously wrong (but you knew that!) :ok:

It makes you wonder if the rest of the story, based on what a "person said", is factually correct.

I’m not dumping on one operator but a reported $137m loss on $876m revenue and $120m loss the previous year, finishing the year with $866m of debt and $87m of total cash isn’t great no matter how much KF talks things up. I don’t know how much of it’s fleet CHC owns against the debt, it’s a little opaque now with the GE Milestone involvement.

The helicopter industry, like other oilfield service industries, is on its knees and it’s going to be a while before excess aircraft capacity is used up and prices rise.

The excess of airframes is slightly irrelevant, the chronic shortage of pilots in the north sea is starting to have an impact.

You can have all the aircraft in the world but useless if there's no one to fly them or maintain them for that matter.

The big 3 are massively short and look at the state of the onshore industry. How are the companies to survive?

Interesting that there is a shortage of pilots in the North Sea market. Maybe invest in training? Oh wait, didn't BRS just sell the Academy for a pittance? Great planning as usual.

Is there an opportunity for some international pilots to fly in the UK? BRS in Australia has made over 100 redundant in the last 2 or 3 years and CHC is also laying off in Australia.

A number of us came from there too but not sure about moving back.

People like the 100 you mention are leaving the industry and not coming back, many gone fixed wing.

once bitten and all that

Of the 100 that left BHS Australia I'm not aware of any that have gone fixed wing and I'm one of them.

I know two have, both live in Perth.

Si