Bristow Group Inc. (OTC: BRSWQ) has announced that it has filed a Chapter 11 plan of reorganization with the United States Bankruptcy Court for the Southern District of Texas, the company said.
The Plan outlines a proposed path to strengthen Bristow´s balance sheet, reducing debt and improving liquidity in order to emerge from bankruptcy as a financially stronger company, and incorporates the Company´s previously disclosed USD 385 million backstop commitment agreement with certain of its secured and unsecured noteholders for new equity interests of the Company, as detailed in the second amended and restated restructuring support agreement announced on July 25, 2019.
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.
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.