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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.

Auto hauler Jack Cooper Transport said yesterday that it had “successfully completed” the restructuring process that began with a filing in August, Freight Waves reported. The Kansas City, Mo.-based company also stated that the restructuring “has preserved jobs for more than 2,500 employees.” More than 2,000 of its employees are union members, the company said. Back in August, the Teamsters urged its members to approve a new contract that would allow the survival of Jack Cooper and preserve union jobs. The union rank-and-file did so in September. According to the Federal Motor Carrier Safety Administration’s SAFER website, Jack Cooper has 1,511 power units and 1,324 drivers. The restructuring cut the company’s debt level by more than $300 million, according to Michael Riggs, chief executive officer of Jack Cooper.

Bristow Group Inc. yesterday announced that it has emerged from chapter 11 protection, according to a press release. The company said that it successfully completed its debt restructuring process and implemented the chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on October 4, 2019. Bristow has reduced its debt significantly and is emerging with $535 million of new capital, which it believes will provide significant financial flexibility to support its global operations. The company also announced it has amended and reinstated its $75 million term loan as of its emergence.

Deluxe Entertainment Services Group Inc. won court approval Thursday of a bankruptcy plan that removes owner Ronald Perelman and puts senior lenders in control of the video services company, WSJ Pro Bankruptcy reported. Bankruptcy Judge Robert Drain approved the prepackaged chapter 11 reorganization, which will allow Deluxe to implement its financial restructuring, the company said in a news release. Under the plan, Deluxe’s long-term debt will be reduced by more than half and the company will have access to $115 million of new financing to support its ongoing operations and investments in services and technology, the company said. Deluxe will be owned by a group of its existing lenders, including Sound Point Capital Management, CION Investments, CIFC Asset Management and Invesco Ltd. The Los Angeles-based, century-old company said that it intends to complete its financial restructuring plan and successfully emerge from bankruptcy with a stronger balance sheet and enhanced liquidity. Earlier this month, Deluxe filed for bankruptcy with a prepackaged plan to swap all of its term-loan debt for all of the equity in the reorganized company. Deluxe filed for court protection facing maturity dates on about $780 million in debt in the next year.