Bristow Group Files for Chapter 11 Protection

Helicopter services and training provider Bristow Group has announced that following a period of financial difficulty, it has voluntarily elected to file for Chapter 11 protection for its six US-based and two Cayman Islands businesses in the US Bankruptcy Court for the Southern District of Texas.<br />Following this move, the company said it intends to...

Helicopter services and training provider Bristow Group has announced that following a period of financial difficulty, it has voluntarily elected to file for Chapter 11 protection for its six US-based and two Cayman Islands businesses in the US Bankruptcy Court for the Southern District of Texas.

Following this move, the company said it intends to restructure and strengthen its balance sheet to reach a more sustainable debt profile, noting this filing will provide enough security so that all business units can continue to operate as usual, and are expected to do so throughout the course of the Chapter 11 term as Bristow works to reorganise the business.

Source: www.janes.com