Troubled Humberside Airport owner Bristow Group has named the date it expects to emerge from bankruptcy protection.
The helicopter specialist has had its reorganisation plan confirmed by US court officials in the Southern District of Texas.
It anticipates lifting out of the special measures on October 31, as a “privately-held and better capitalised global company” with $535 million (£434m) of new equity capital invested and strengthened liquidity.
Largest stakeholders are expected to be affiliates of Solus Alternative Asset Management LP, South Dakota Investment Council, Empyrean Capital Partners LP, Bain Capital Credit and Oak Hill Advisors. Together they will own more than 50 per cent of the equity.
Don Miller, president and chief executive, said, “Achieving plan confirmation is an important milestone that comes less than five months after we initially filed Chapter 11. As a reorganised company, we will emerge a stronger, well capitalised global organisation with an industry-leading balance sheet and strong liquidity.
“I commend the entire global Bristow organisation for working diligently to navigate the restructuring process while flying safely and continuing to provide exceptional client service. I also express my gratitude to our clients for their continuing confidence in Bristow during this process. We look forward to continuing to work with our new owners, who have been very supportive of our global team and greatly value our market leading position.”
Consummation of the plan is subject to the satisfaction or waiver of several conditions, including completion of the equity rights offering.
As well as owning the airport at Kirmington, North Lincolnshire, Bristow provides search and rescue services on behalf of the Maritime and Coastguard Agency, from 10 strategic bases.
It had owned regional airline Eastern Airways, but sold back to the founder hours before the first court hearing. The two continue to work hand-in-glove to support the North Sea oil industry.
A down turn in the oil and gas market, twinned with issues over engine and air frame mis-matching – in contravention of leases on helicopters – brought on the downward spiral, with accounts filing delayed putting it in breach of New York Stock Exchange rules.
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