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CHC Group Bankruptcy Plan Confirmed

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The U.S. Bankruptcy Court issued an order confirming CHC Group’s Fourth Amended Chapter 11 Plan of Reorganization. According to a corporate release, on March 1, 2017, CHC Group introduced a new corporate brand and global website: www.chcheli.com.

The new brand includes a refresh of the corporate logo, company positioning statement and colors that capture both the Company’s early heritage as Okanagan Helicopters and an update to its current hummingbird logo. Karl Fessenden, Company president and C.E.O., comments, “Our modern design captures CHC today and also pays homage to our Okanagan Helicopters heritage. Our new positioning statement, ‘Reach Beyond,’ was chosen with our customers in mind. Our goal is to reach beyond our legacy, achievements, and current high standards to constantly improve our fleet, technologies, safety, and employee performance. We strive to reach beyond what our customers expect from us to deliver the highest levels of service and cost-efficiency in the industry. And finally, we have the capability to reach beyond the capabilities of others, transporting people to the most distant and challenging locations worldwide – onshore or offshore.”

As previously reported, “On or as soon as practicable after the Effective Date, each holder of a Senior Secured Notes Claim, which Claims are deemed Allowed in the aggregate amount of not less than $1,067,832,576 through the Petition Date, including accrued prepetition interest…and, in accordance with the Restructuring Transactions, (A) other than the Senior Secured Notes Indenture Trustee, its Pro Rata share of: (i) 79.5% of the New Membership Interests, prior to dilution on account of the New Second Lien Convertible Notes and the Management Incentive Plan (which shall equate to 11.6% of the New Membership Interests, after dilution on account of the New Second Lien Convertible Notes, but prior to dilution on account of the Management Incentive Plan); and (ii) (x) to the extent such holder is an Eligible Offeree, the Senior Secured Notes Subscription Rights and (y) to the extent such holder is a Non-Eligible Offeree, its share of up to 1% of the New Membership Interests otherwise distributable to holders of Allowed Senior Secured Notes Claims and (B) to the Senior Secures Notes Indenture Trustee, Cash in amount equal to the Senior Secured Notes Indenture Trustee Expenses outstanding as of the Effective Date.”

This helicopter services provider filed for Chapter 11 protection on May 4, 2016, listing $2.3 billion in pre-petition assets.

Read more CHC bankruptcy news.

The post CHC Group Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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