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CHC Group Chapter 11 Petition Filed

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According to the U.S. Bankruptcy Court docket, CHC Group (FR Horizon Holding [Cayman]) filed for Chapter 11 protection in the Northern District of Texas. 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.”

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.

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.”

Read more CHC Group bankruptcy news.

The post CHC Group Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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