Bristow Group Inc. was cleared to leave bankruptcy under a reorganization that hands ownership of the helicopter transportation services business mostly to creditors, with Solus Alternative Asset Management LP and South Dakota Investment Council playing key roles in the company’s future, the Wall Street Journal reported. The Houston-based company filed for bankruptcy in May with liabilities of more than $1.7 billion and will leave chapter 11 with about $900 million less debt. On Friday, Bankruptcy Judge David Jones overruled objections from a committee of shareholders and said that he would approve the restructuring plan after two days discussing various estimates of how much Bristow was worth. Bristow headed into its confirmation hearing with virtually all of its secured lenders and bondholders, 73 percent of its unsecured bondholders, the unsecured creditors committee, and many critical equipment and other suppliers backing its plan. But existing shareholders believed their stakes still had value. They said in court that they believed Bristow was being stripped from them and put into the hands of new owners when business conditions for the company will inevitably rebound.
