Deal Description: On October 10, 2019, Bristow Group Inc. (OTC: BRSWQ) ("Bristow" or the "Company") announced that on October 4, 2019, the U.S. Bankruptcy Court for the Southern District of Texas confirmed the Company's Amended Plan of Reorganization (the "Plan") and indicated that it will enter a written order to this effect. The Company expects to consummate its financial restructuring process and successfully emerge from Chapter 11 by October 31, 2019.
Under the terms of the approved Plan, at emergence the Company will eliminate approximately $900 million of the Company’s pre-bankruptcy funded debt and will receive $535 million of new capital from a majority of Bristow's secured and unsecured noteholders: (i) $385 million through an equity rights offering, and (ii) Bristow's $150 million debtor-in-possession loan, which was funded in August 2019 and will convert into new equity of the reorganized Company at emergence. The Plan further implements global settlements reached with certain of the Company’s aircraft equipment lenders and equipment lessors to provide additional financial flexibility for the Company on emergence and beyond.
The consummation of the Plan will be subject to the satisfaction or waiver of several conditions, including completion of the equity rights offering.
Baker Botts Team/Office Involved:
Financial Restructuring: Manny Grillo (Partner, New York), Jim Prince (Partner, Dallas), Omar Alaniz (Partner, Dallas), Robin Spigel (Partner, New York), Chris Newcomb (Senior Associate, New York), Kevin Chiu (Associate, Dallas), Jacob Herz (Associate, New York), and Fareed Kaisani (Associate, Dallas).
Litigation: Tom O’Brien (Partner, Dallas), Susan Kennedy (Partner, Dallas), Kristin Cope (Senior Associate, Dallas), Chris Hunt (Associate, Dallas), Grayson McDaniel (Associate, Austin), and Josh Morrow (Associate, Austin).
Finance: Rachael Lichman (Partner, Houston), Justin Hoffman (Partner, Houston), Stuart McIntyre (Partner, London), Lyman Paden (Special Counsel, Houston), Shelley Austin (Special Counsel, Austin), Josh Espinosa (Associate, Dallas), Nicholas Jones (Associate, London), Chad Davis (Associate, Houston), Malory Weir (Associate, Houston), Sean McClay (Associate, Austin), Samantha Chestney (Associate, Houston), and Janice Han (Associate, New York).
Corporate and Securities: John Geddes (Partner, Houston), A.J. Ericksen (Partner, Houston), Carina Antweil (Senior Associate, Houston), Lakshmi Ramanathan (Associate, Houston), Josh Gonzalez (Associate, Houston), Ronald Robertson (Associate, Houston), Emmie Proctor (Associate, Houston), Hayley Hervieux (Associate, Houston), Jude Dworaczyk (Associate, Houston) and Grace Matthews (Associate, Austin).
For more information, please see Bristow Group’s news release by clicking here.
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