Less than six months after filing for bankruptcy in May 2019, Bristow Group has successfully emerged from chapter 11 protection having restructured its balance sheet to enable the company to continue operating, Helicopter Investor reported. As part of its restructuring plan, Bristow has reduced its debt and sourced more than $535 million of new capital both from secured and from unsecured noteholders — $385 million of which is through a debt-to-equity swap and $150 million from a debtor-in-possession loan. It has also reinstated its $75m term loan. To emerge from chapter 11, Bristow handed over most of its equity to its largest secured creditors: Solus Alternative Asset Management, South Dakota Investment Council, Empyrean Capital Partners, Bain Capital Credit and Oak Hill Advisors.
