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Bristow Group Inc. has announced that the company has received approval from the U.S. Bankruptcy Court for the Southern District of Texas for its first day motions related to its voluntary Chapter 11 reorganization.
The court has approved Bristow’s motions seeking a variety of “first-day” relief for the filing entities, including authority to pay employee wages and salaries, company-sponsored benefit programs, as well as vendors and suppliers in the ordinary course for goods and services provided after the Petition Date.
Bristow intends to use the Chapter 11 proceedings to restructure and strengthen its balance sheet and achieve a lower and more sustainable debt level, while continuing to provide safe, reliable and professional industrial aviation services to its global clients well into the future.
All of Bristow’s businesses are operating in the ordinary course and are anticipated to continue to do so for the duration of the Chapter 11 process.
The Chapter 11 filings pertain to six of Bristow’s legal entities in the United States and two of its Cayman Islands subsidiaries. Bristow’s other non-U.S. entities, including those holding Bristow’s non-U.S. air operating certificates (AOCs), are not included in the Chapter 11 filings.
The following entities are included: Bristow Group Inc., BHNA Holdings Inc., Bristow Alaska Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd.
Additional information regarding Bristow’s Chapter 11 filing is available on the company’s website.
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.