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CHC Group Extension Approved

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The U.S. Bankruptcy Court approved CHC Group’s second motion to extend the exclusive period during which the Company can file a plan and solicit acceptances for its plan through and including February 17, 2017 and April 18, 2017.

As previously reported, “Having stabilized their businesses, reaffirmed relationships with customers and vendors, rejected numerous aircraft leases, and developed a go forward business plan, the Debtors are now moving into the next important phase of these chapter 11 cases: the plan confirmation process. The Debtors have worked hard and in good faith with their creditors toward this end, culminating in the execution and filing of the Support Agreements. These agreements include not only the framework for a largely consensual, viable chapter 11 plan, coupled with a substantial capital investment, but also a significant lease deal that provides the Debtors with the cost savings and fleet flexibility necessary to successfully restructure.”

In addition, “The Debtors are now prepared to move forward to obtain Court approval of these agreements and to file and prosecute the related CHC Plan and CHC Disclosure Statement. On a parallel basis, ongoing negotiations are proceeding with many of the Debtors’ other creditors, in certain circumstances (such as with the ABL Lenders) resulting in further consensus. It is important that the Debtors maintain this momentum and that this progress not be interrupted and inhibited by parties filing competing plan proposals.”

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