Bristow Faces Heavy Financial Headwinds | Aviation International News

Bristow Faces Heavy Financial Headwinds

Bristow's stock dips as it issues "going concern" warning.

By Mark Huber • Contributor

February 15, 2019

Things are about to get rougher in the offshore oil patch. Bristow Group could be headed for restructuring or acquisition. On February 11 the helicopter services company that primarily serves the offshore energy market broadly hinted that its next move could be bankruptcy, barring successful renegotiation with lenders. For the second time in less than a week the company abruptly canceled an analyst conference call, formally ended its attempt to acquire Columbia Helicopters for $560 million, filed notification of late filing of its latest quarterly and nine-month financial results with the U.S. Securities and Exchange Commission (SEC), and admitted “material weakness” in internal controls over financial reporting dating back at least two years.

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