Would there be any DB pension liabilities? When the "new Bond" was established on the mid-2000s, did they put in place any DB schemes?

The "old Bond" DB pension liabilities do sit with CHC, but purely as a result of the purchase of the Helikopter Services Group by CHC in 1999.

The creditors from the Ch 11 and then the subsequent restructure/ recapitalization of CHC own CHC. Their debts were converted to equity in Ch 11 and those now equity holders who put their hands into their pockets to help with more cash were given more shares. Those who did not assist in the recapitalizations since have been diluted.

This CMA report (the full fat 229 pages) refers to Bain Capital Credit LP and Cross Ocean Partners Management LP in particular.

https://www.baincapitalcredit.com/
Cross Ocean Partners

UK to accept CHC's undertakings in Babcock helicopter deal

Reuters

1 minute readLONDON, July 15 (Reuters) - Britain's competition regulator said on Friday it proposed to accept the final undertakings given by CHC Group in relation to its acquisition last year of Babcock's helicopter services unit.

($1 = 0.8448 pounds)

WTF does that mean?

Details are on gov website, the acceptance is chc's proposal for sale, its just the formal acceptance

Docs are downloadable

https://www.gov.uk/cma-cases/chc-slash-babcock-merger-inquiry

HC 100% 👍

Ultimate Aviation Group to buy Babcock/Offshore Helicioter Services from CHC?
 

Any truth to the rumour that Ultimate Aviation (SA) Group is to buy to Babcock/Offshore Helicioter Services from CHC?

https://ultimate-aviation.net/

More than just a rumour:

https://www.pprune.org/rotorheads/65...announced.html

Guess I should have looked a bit harder. :hmm:

OHS UK Job Cuts
 

subscription required to read the article

And CHC looking for 175 copilots……

Let's be honest, it's not the copilots that will be targeted is it.

How many??!?





;)

What job cuts are they making?

Who knows. LIFO could easily put them targets.

LIFO?

Last In First Out

“Last in - first out”

Doesn’t surprise me to be fair. Had the CMA not intererfered, OHS wouldn’t exist. One would think the declining market isn’t there to keep 4 operators afloat and that OHS are in the most vulnerable position.

How long will they last? Running an AOC and all the positions that need to be legally in place is very expensive. Babcock really did have a race to the bottom mentality and I believe CHC for example recently cut ties with the Danish work they had gained from Babcock due to profitability.

Perhaps this was the plan? Give the CMA what they want but leave a “viable business” on paper unviable? Or perhaps they just have too many staff? I seem to recall when the CHC / Babcock merger was on the cards, CHC were lean and Babcock were heavy with staff positions. Perhaps they are now just cutting the fat and needing to run it as lean as possible so that the company survive?

CHC seem to be a lot busier recently.

What's going on inside the organization right now?

Carnage

So CHC has taken over Babcock/OSA and their impact has so far included:-

1 A client giving CHC notice to switch to Integrated Helicopter Services. (a startup formed by the OSA management team so quickly alienated by CHC Australia.)


2 The pilots being hours away from industrial action.

3. Every supplier up in arms as the bills aren’t getting paid, including the power to a hangar disconnected as a result!

Bravo! The only surprise is that it took this long.

I guess you can add Total Denmark to the list?

It's not really the same. I think the Danish conversation went:

CHC: "We're happy to provide the service, but here's the new price."
TOTAL: "We're happy that you will provide the service, but we are not going to pay that."
CHC: "We're no longer happy to provide the service. Goodbye!"

It's just a shame for OHS that UK law won't let them walk away from the contract in the same way that Danish law enabled CHC to do just that.

I think it’s more to do with the fact that the CEO of CHC is the ex boss of Maersk Drilling, and Total DK is basically Maersk Oil.

The protected industrial action by Offshore Services Australasia pilots began today. Nothing major yet, mandated breaks to the flying program and refusal to complete ancillary taskings such as post flight paperwork, online training and base husbandry.

Cam and Liam are in a tricky spot, with a body of legacy CHC pilots on a significantly better deal than that offered to OSA guys, yet doing the same job, in the same aircraft, in one case, out of adjacent hangars, all under the CHC banner.

Never a dull moment in offshore.