Bristow Group filed a Chapter 11 plan of reorganization and a related disclosure statement with the U.S. Bankruptcy Court for the Southern District of Texas.
According to a related 8-K filing, Ankura Trust is serving as DIP administrative agent for a $150 term loan. The full amount of the term loan was drawn at closing, the proceeds of which, net of applicable commitment fees, were deposited into an escrow account and pledged to the lenders to secure the obligations under the DIP credit agreement.
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Proceeds of the term loan facility may be used by the DIP Borrowers to provide working capital to the company and fund the costs of the administration of the Chapter 11 cases and the consummation of the approved reorganization, to finance the previously announced cash tender offer for a portion of the company’s outstanding 8.75% senior secured notes due 2023 and to pay fees and expenses agreed in writing by the lenders. _x000D_
The plan outlines a proposed path to strengthen Bristow’s balance sheet, reducing debt and improving liquidity to emerge from bankruptcy as a financially stronger company, and incorporates the Company’s previously disclosed $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.
“Our Plan of Reorganization marks another significant step forward in our path towards a timely emergence from Chapter 11 in the fourth quarter of this calendar year, and I commend the hard work and extensive contributions of the entire Bristow team involved in developing the plan as well as those who are on the front lines delivering for our clients,” said L. Don Miller, president and chief executive officer of Bristow.
A hearing will be scheduled with the court to consider approval of the disclosure statement related to the plan. Following Court approval of the Disclosure Statement, Bristow will distribute the plan and disclosure statement to voting creditors for their consideration.
Baker Botts 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 is an industrial aviation service provider offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide.
