A Cayman AOC was both a tax dodge by the American owners and a solution to the fact that TC didn't want to oversee an AOC that no longer had Canadian aircraft operating under it.

And yes, the collective agreement had much to be desired but it was a direct product of the support and respect it got from the members of the union. I recall the first Biannual General Meeting, where the GHPA offered travel costs, webinar, anything it could to encourage interest in the topics to be discussed and upcoming negotiations. Out of 260+ pilots on the seniority list how many bothered to attend or listen? Outside of the executive.....2

Apathy at the coal face. An ops centre in Dallas that can barely figure out that this isn't American Airlines rotary division. It's sad, it really is, but the end might be the humane thing..... :(

No, it was because after the First Reserve purchase of CHC from the Dobbin family CHC no longer met the Canadian ownership requirements. CHC was given a 5 year grace period to solve this problem and Cayman registry was their answer.

That is also why CHC Helicopters Canada was formed ( With Mr. Allard as owner) to be able to hold a CDN AOC and work in Newfoundland.

Outwest has it right. The old CHC Global Operations AOC could not continue under TC as it did not comply with the Canadian ownership rules. Hence the move to a Cayman AOC. This was not driven by tax rules, as some have assumed.

In contrast, CHC Helicopters Canada is a Canadian owned company that currently operates out of St Johns! It does not have a majority holding by CHC, just as the European AOC companies do not have a majority holding by the publicly listed "US" CHC.

Simples :E

The stock price is now getting close to one dollar (equivalent to 3 cent before the split)... One threehundreth of the value of a year and a bit ago. :ouch:

Not sure if this has been mentioned in the past 21 pages but, when in discussion with Bristow's CFO some years ago, I asked why the stock price was important to the business. The answer was that a buoyant stock price makes borrowing money much cheaper and easier. And conversely if the stock is rock bottom this shows investors have no confidence in the profitability of the company and thus it can't be too surprising if those considering lending it money feel likewise. If a company can't borrow money at reasonable rates, it has a problem.

That's been CHC's problem since it overextended itself buying HSG in the '90s. Its never been able to catch up with paying off the debt (which also includes big pension liabilities). Now its sold off all its hardware assets and with its stock value so low, its must have very little to offer as collateral.

Stock EGPWS Warning?
 

HELIF now at 90 cents per share (3 cents at initial valuation) in the "Pink Sheets" market. One day loss of 25%. :sad:

https://www.youtube.com/watch?v=58Bk...s&spfreload=10

https://www.youtube.com/watch?v=GgGossqGRd4

There is an interesting analysis on this website. It must be considered that the report is a conclusion from their standard algorithm and may lack human emotion, consideration and evaluation (a bit like an interaction with any accountant), but it is equally a pure number crunching exercise simply based on hard facts and numbers.

https://www.macroaxis.com/invest/rat...-Of-Bankruptcy

Bristow not much better!

https://www.macroaxis.com/invest/rat...-Of-Bankruptcy

I saw my previous CHC fellow pilots....
 

....in Dakar, they where hauling two AS332's from Gabon to Poland for maintenance and storage.

Very sad to see them, all of them have been noticed the layoff starting from the moment they will land in Poland.
:mad::mad::mad::mad:

Yes sad indeed,

But I found out that the drillship for which these 2 machines were Flying, the Noble Globetrotter II is now sublet from Shell to SOCO for 1 well in Congo.

I do not know who is doing the flying for this relatively sort job, nor do I know where the ship will be heading next.

Cheers SLB

The rig will be supported by an Italian company operating Bell 412. (Undercut CHC by 50%)whilst in the Congo then off to the Black Sea for Total

L1,

You seem to have almost all the scoop. Allow me the pleasure.

Air Walser won the contract for SOCO. Noble crew took one look at their 412 'OGP Compliant' operation and had kittens. Air Walser then subcontracted to Titan as they could at least provide something which looked like CHC (check Titan website).

I'm curious to know how you think AW undercut CHC by 50%? I heard CHC didn't bid.

Ah, don't spoil the story!

Not surprising given their history.....

Because I have spent the last three years on this contract and now along with many others find myself without a job

Not surprisedly Air Walser won that SOCO contract in Congo, they are providing government services to that country since years with good connections.

AW they know about OGP same as I know about nuclear energy engineering!!:= and they are an inch so close to bankruptcy.

CHC Group reports fiscal 2016 third quarter results| Vertical Magazine - The Pulse of the Helicopter Industry
:(

From the Results:CHC CEO says: Max Contingency says: You cant polish a !!!! but it appears that you can in fact roll it in glitter and paste a humming bird logo on the side

What does this mean...
 

Today, we also reported that we made the decision to strengthen our cash position by drawing the remaining balance on our revolving credit facility following the end of the fiscal 2016 third quarter. This cash from our revolving credit facility provides us with additional financial flexibility.

So..... all the credit cards are maxed out?