Nearly $2 Billion in Debt, Bristow Files Bankruptcy

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Nearly $2 Billion in Debt, Bristow Files Bankruptcy

Unread post by bimjim » Tue May 14, 2019

https://www.oilandgaspeople.com/news/hi ... ankruptcy/

Nearly $2 Billion in Debt, Bristow Files Bankruptcy
Monday, 13 May 2019

In a move widely anticipated for months, if not years, helicopter services company Bristow Group announced Saturday morning that it entered Chapter 11 bankruptcy proceedings in the Southern District of Texas, claiming debts of $1.885 billion against assets of $2.86 billion and citing “previously disclosed financial challenges” and “constrained liquidity.”

Bristow CEO L. Don Miller called bankruptcy, “the best path forward for Bristow and its stakeholders.” The company said it was seeking bankruptcy protection to “restructure and strengthen its balance sheet and achieve a more sustainable debt profile” and that it would continue normal operations during its restructuring.

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