Texas-based Bristow Group Inc. (OTC: BRSWQ) has announced it has entered into a USD 385 million backstop commitment agreement with certain of the company´s secured and unsecured noteholders for new equity interests of Bristow, the company said.
The agreement is part of its previously filed Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas.
The backstop commitment agreement (BCA) and Second Amended RSA are part of a broad and consensual re-capitalization plan that will help to de-lever the Company´s balance sheet and fund its global operations as the Company continues to work towards promptly emerging from bankruptcy.
The Company also announced today that, in accordance with the milestones in the Second Amended RSA, as extended, it is filing a motion for debtor-in-possession financing with the Bankruptcy Court.
Baker Botts L.L.P. and Wachtell, Lipton, Rosen & Katz are serving as the Company´s legal counsel and Alvarez & Marsal is serving as the Company´s restructuring advisor. Houlihan Lokey is serving as financial advisor to the Company.
Davis Polk & Wardwell LLP is serving as legal counsel and PJT Partners is serving as financial advisor to certain holders of the Secured Notes. Kirkland & Ellis LLP is serving as legal counsel and Ducera Partners LLC and Seabury Corporate Advisors LLC are serving as financial advisors to certain holders of the Unsecured Notes.
Bristow Group Inc. is an industrial aviation service provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide.