CHC Recapitalizes with $450 Million | Aviation International News

CHC Recapitalizes with $450 Million

The plan is part of a court-supervised reorganization process.

By Mark Huber • Contributor

October 14, 2016

Bankrupt helicopter OGP services company CHC announced a financial restructuring plan on October 11 that will recapitalize the enterprise with $300 million in new capital and leasing lines of $150 million. GE Capital’s Milestone Aviation Group and its affiliates are taking the lead on the latter. CHC filed Chapter 11 bankruptcy in the Northern District of Texas on May 5 and subsequently announced plans to shed most of its leased helicopter fleet, reducing its overall fleet size to 75 from 230. At the time of its bankruptcy filing, the company listed debts of $2.19 billion against assets of $2.17 billion as of January 31. The refinancing is part of a “plan support agreement” (PSA) designed to speed CHC’s emergence from bankruptcy proceedings. It is subject to court approval.

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