Offshore helicopter services provider Bristow Group filed for chapter 11 bankruptcy protection after reaching a deal with senior bondholders on a plan to slash its debt load.
The struggling Houston-based helicopter operator for offshore oil and gas industry looks to cut debt after reaching deal with senior bondholders, as it attempts to restructure its crippling debt load.
The Chapter 11 filing, dated 11 May, covers only six US- and two Cayman Islands-registered businesses, with overseas operations – including Bristow Helicopters in the UK – unaffected.
The Texas-headquartered company said in a release that all its subsidiaries will continue to operate as normal while the financial restructuring is carried out.
Bristow Group President and Chief Executive Officer, L. Don Miller, said in the statement the firm would use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile.
"After working diligently with our advisors on a thorough review of strategic financial alternatives, the Board of Directors and management concluded that the best path forward for Bristow and its stakeholders is to seek Chapter 11 protection," he said.
Its major shareholders include Mackenzie Financial Corporation (18.33%), Blackrock Fund Advisors (13.08%), Fidelity Management & Research Company Dimensional Fund Advisors LP (US), and The Vanguard Group, Inc.
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