Bristow to merge with Era
Official as of a few minutes ago.
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From The Wall Street Journal
Helicopter company Era Group Inc. is in advanced-stage talks to acquire industry peer Bristow Group Inc., which emerged from bankruptcy in October after shedding roughly $900 million in debt, according to people familiar with the matter. https://www.wsj.com/articles/helicopter-company-bristow-in-merger-talks-months-after-bankruptcy-exit-11579825877 https://finance.yahoo.com/news/bristow-era-merge-forming-larger-113010625.html Employee portal FAQs below, Among other things it states no redundancies or change in benefits and that 7 of the 9 Board of Directors for the combined company will be from Bristow... https://www.streetinsider.com/SEC+Fi.../16368310.html |
How long will it take for Bristow to drag Era down?
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Sounds like a trade of cracked Bats to me!
One big race to the bottom! |
7 of the 9 Board of Directors for the combined company will be from Bristow. |
End of an Era?
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Saddest news this year! End of an ERA indeed. Guessing some people's pockets are getting lined well, as surely no one could be that stupid. It seems another will drown in the offshore industry.
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So the company that avoided Ch11 is joining with those who’ve only just departed from the process after grossly incompetent management. Maybe the ERA CEO is taking the helm. All the while CHC Scotia post record losses.
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Can anyone with a deeper insight than myself explain how this merger is going to become anything other than a complete financial debacle........most likely sooner rather than later? I mean seriously, when one examines the Bristow business model in use these last number of years, you would think an operator like ERA would know better and just stay as far away as possible and avoid being infected from the outside.
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Originally Posted by Northernstar
(Post 10670732)
..,,,All the while CHC Scotia post record losses.
https://www.energyvoice.com/oilandga...enging-market/ |
Does anyone believe there is a profitable offshore business model that does work in these times??
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Originally Posted by V12
(Post 10671056)
Does anyone believe there is a profitable offshore business model that does work in these times??
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Originally Posted by Northernstar
(Post 10670732)
So the company that avoided Ch11 is joining with those who’ve only just departed from the process after grossly incompetent management. Maybe the ERA CEO is taking the helm. All the while CHC Scotia post record losses.
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In theory it is possible to build a new facility by means of lending the money or build it with a mortgage. Then only the pay back or interest weight on your yearly turn-over.
But these long term liabilities will of course draw down on your balance |
Well investors seem to like the deal, stock price rose over 19% yesterday
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Originally Posted by OvertHawk
(Post 10671125)
Apparently the ERA CEO is indeed taking the helm. Board of directors yet to be announced.
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As a fixed winger: how much business do drones take away from heli’s nowadays? Inspections etc?
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Originally Posted by SaulGoodman
(Post 10671695)
As a fixed winger: how much business do drones take away from heli’s nowadays? Inspections etc?
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Originally Posted by V12
(Post 10671056)
Does anyone believe there is a profitable offshore business model that does work in these times??
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Does this mean Bristow is getting back into the small ship business in the GOM?
Or....has that horse left the barn already? |
Originally Posted by Mitchaa
(Post 10671095)
CHC Scotia have just spent millions on a new hangar and upgrade of their passenger terminal in Aberdeen. Suspect these losses incorporates this project.
MBAs have some value despite what eveybody on here thinks. |
Originally Posted by Self loading bear
(Post 10671185)
In theory it is possible to build a new facility by means of lending the money or build it with a mortgage. Then only the pay back or interest weight on your yearly turn-over.
But these long term liabilities will of course draw down on your balance Cash flow and profit are not the same. |
Originally Posted by V12
(Post 10671056)
Does anyone believe there is a profitable offshore business model that does work in these times??
How would the customer operate if there were no helicopter service? If there is no alternative why are you all cutting each other's throats to lose money on the contract? If there is too much capacity, someone needs to close - forcibly through bankruptcy or voluntarily by winding up and investing their money in something else. |
Last time there was an merger it was over 2 decades ago between then KLM Helicopters BV and Era to form KLM-ERA which was short lived.
Like the rest of folks here who attending Anaheim, be worth seeing the announcements on both companies booth. cheers |
Funny thing is, when Air Dog/Offshore came out of reorganization in the 80s they gobbled up Bristow. Now 30 years later the "former" Air Dog comes out of Chap 11 and gobbles up another operator. Tune in for another episode of...As the Rotor Turns....:eek:
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What was done to Bristow by JB (the CEO after Bill Chiles left) should have resulted in criminal charges. Along with RB (SVP Ops at the time) they choked the life out of the bases, upsetting clients and employees simultaneously. We lost clients we'd had for decades and shed so many essential employees we were almost at a standstill while JB siphoned money out to fund his Ivory Tower in Houston. RB was so arrogant and rude to everyone he encountered, one client's Global Aviation Manager walked out of their first meeting and refused to ever communicate with him.
How sad that it has come to this. ERA need to be very careful not to reward failure as Bristow have done since 2014. NEO |
Originally Posted by Nigerian Expat Outlaw
(Post 10673852)
What was done to Bristow by JB (the CEO after Bill Chiles left) should have resulted in criminal charges. Along with RB (SVP Ops at the time) they choked the life out of the bases, upsetting clients and employees simultaneously. We lost clients we'd had for decades and shed so many essential employees we were almost at a standstill while JB siphoned money out to fund his Ivory Tower in Houston. RB was so arrogant and rude to everyone he encountered, one client's Global Aviation Manager walked out of their first meeting and refused to ever communicate with him.
How sad that it has come to this. ERA need to be very careful not to reward failure as Bristow have done since 2014. NEO I’m surprised that more people have not made critical comments like yours regarding this merger bearing in mind some pretty damming criticisms in other threads discussing the possible milking of the cash cow by senior executives during its rise and fall of Bristow |
Originally Posted by Nigerian Expat Outlaw
(Post 10673852)
What was done to Bristow by JB (the CEO after Bill Chiles left) should have resulted in criminal charges. Along with RB (SVP Ops at the time) they choked the life out of the bases, upsetting clients and employees simultaneously. We lost clients we'd had for decades and shed so many essential employees we were almost at a standstill while JB siphoned money out to fund his Ivory Tower in Houston. RB was so arrogant and rude to everyone he encountered, one client's Global Aviation Manager walked out of their first meeting and refused to ever communicate with him.
How sad that it has come to this. ERA need to be very careful not to reward failure as Bristow have done since 2014. NEO |
Originally Posted by Nigerian Expat Outlaw
(Post 10673852)
What was done to Bristow by JB (the CEO after Bill Chiles left) should have resulted in criminal charges. Along with RB (SVP Ops at the time) they choked the life out of the bases, upsetting clients and employees simultaneously. We lost clients we'd had for decades and shed so many essential employees we were almost at a standstill while JB siphoned money out to fund his Ivory Tower in Houston. RB was so arrogant and rude to everyone he encountered, one client's Global Aviation Manager walked out of their first meeting and refused to ever communicate with him.
How sad that it has come to this. ERA need to be very careful not to reward failure as Bristow have done since 2014. NEO "These companies ... ... ... started out, succeeded, and grew to prominence while being run by people who could fly. Now they are run by folks with a MBA instead of an ATPL(H) who are determined to rip as much cash out of the company as possible and pump it into the pockets of shareholders, including themselves, by the year end. Post-bankruptcy, they are run by a broadly similar set of rip-off artists." |
Just look at the mess FlyBe is in after one persons tenure yet he and his team have parachuted into Specialist Aviation HEMS creating a management tree drawing over a million in salaries where previous management was little more than an individual who took far less. And they use the excuse of lack of funding to keep their pilots the lowest paid in the industry....
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No different than the US airlines. US Airways merged with (bought) American out of bankruptcy and has steadily dragged the "new" American to new lows.
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It's not an MBA nor an ATPL. Neither one makes you any more or less ethical. Or intelligent for that matter.
The issue is senior management who are incompetent at running a business, have no ideas for how to improve it other than adding more weight at the top. When things get tough and your 'business model' doesn't work, take on more debt and buy another failing company. Turning two failing companies into one big failing company is what some people call 'innovation'. |
Merger complete
Bristow Completes Merger with Era | Bristow Group
According to the link “HOUSTON, June 11, 2020 (GLOBE NEWSWIRE) -- Bristow Group Inc. (NYSE:VTOL) and Era Group Inc. (“Era”) announced today that they have completed their combination (the “Merger”), creating a financially stronger company with enhanced size and diversification. The newly combined company will use the Bristow Group name (“Bristow”) and will remain a publicly traded company on the New York Stock Exchange. The newly combined company’s common stock will begin trading under the stock ticker “VTOL” beginning on June 12, 2020 and will have a new CUSIP number of 11040G103. “ |
Closure of New Iberia and Galiano
As result of merger, New Iberia and Galiano will close...which kind of makes sense as Era themselves already operate out of New Iberia.
https://www.verticalmag.com/news/bri...utm_content=V1 Cheers |
Originally Posted by chopper2004
(Post 10854897)
As result of merger, New Iberia and Galiano will close...which kind of makes sense as Era themselves already operate out of New Iberia.
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