Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

CHC Group Chapter 11 Petition Filed

CHC Group (FR Horizon Holding [Cayman]) and certain of its wholly-owned subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 16-31854. The Company, which is a global provider of helicopter services (including offshore transport, search and rescue, emergency medical services and other ancillary services) is represented by Stephen A. Youngman of Weil, Gotshal & Manges. A corporate release notes, "CHC's operations have been significantly affected by the dramatic decline in oil prices since their peak in 2014 and general uncertainty in the energy market, which has led to decreased customer demand and an increase in idle aircraft….CHC and its advisors determined a court-supervised reorganization process provides the best and most efficient way to align the Company's debt, lease and interest costs with customer demand in the current operating environment, and position CHC for long-term success." Karl Fessenden, CHC Group's president and C.E.O., comments, "The step we have taken today provides an orderly path to enhance our financial flexibility and establish a competitive capital and operating structure that will allow us to invest in and grow CHC's business over the long-term. We remain committed to maintaining our position as a world class helicopter service provider--one that continues to set the standard for safety, customer service and value across the industry."

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