first_imgBristow Group, a helicopter services provider for the offshore oil and gas industry, has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. A Bristow helicopter; Author: Ronnie Robertson – under the CC BY-SA 2.0 licenseAnnouncing the filing on Saturday, May 11 Bristow said it intended to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile, while continuing to provide industrial aviation services to its clients well into the future.All of Bristow’s businesses are operating in the ordinary course and are anticipated to continue to do so for the duration of the Chapter 11 process. The Chapter 11 filings pertain to certain of Bristow’s legal entities in the United States and two of its Cayman Islands subsidiaries.Bristow’s other non-U.S. entities, including those holding Bristow’s non-U.S. air operating certificates (AOCs), are not included in the Chapter 11 filings.L. Don Miller, President and Chief Executive Officer of Bristow Group Inc., said, “After working diligently with our advisors on a thorough review of strategic financial alternatives, the Board of Directors and management concluded that the best path forward for Bristow and its stakeholders is to seek Chapter 11 protection. This process will allow us to strengthen our balance sheet, achieve a lower and more sustainable debt level and emerge as a stronger company. We have the support of the overwhelming majority of our parent company senior secured noteholders, with whom we have entered into a Restructuring Support Agreement that will help to de-lever our balance sheet, and we are actively working with other important stakeholders as we enter this process.”Miller continued, “We expect to execute a prompt and efficient reorganization, and to emerge from this restructuring process as a stronger company that is an even better business partner, employer and trusted service provider.”To ensure its ability to continue operating in the ordinary course of business, Bristow has filed customary motions with the Bankruptcy Court seeking a variety of “first-day” relief for the filing entities, including authority to pay employee wages and benefits, vendors and suppliers in the ordinary course for goods and services provided after the Petition Date.In addition to executing the Restructuring Support Agreement with the company, certain senior secured noteholders made a $75 million term loan to the company prior to the court filing, and provided a commitment for a further $75 million in debtor-in-possession (DIP) financing that would be available upon court approval. The financing package provides Bristow with capital that enables the company to fund its global operations and make continued investments in safety and reliability during the Chapter 11 reorganization proceedings.The following eight entities are included in the filing: Bristow Group Inc., BHNA Holdings Inc., Bristow Alaska Inc., Bristow Helicopters Inc., Bristow U.S. Leasing LLC, Bristow U.S. LLC, BriLog Leasing Ltd. and Bristow Equipment Leasing Ltd.Notice from NYSEPrior to Bristow’s filing for the Chapter 11, the company on May 7 received a continued listing standard notice from the New York Stock Exchange (NYSE) because the average closing price of its common stock over a prior 30 consecutive trading day period had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE.Under the NYSE rules, Bristow has a period of six months following the receipt of notice to regain compliance.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.last_img read more

first_imgFOUR matches will be contested tomorrow when play in this year’s edition of the Ralph Green/East Bank Football Association Under-11 League continues at the Grove Playfield.Defending champions Agricola Red Triangle will open their quest to retain their crown when they take on Herstelling Raiders FC from 09:00hrs which would be followed half an hour later by a clash between the teams from Diamond – United and Upsetters who will be making their debut.Diamond United sit at the top of Group A following their 2-0 win in the first match of this year’s league last week at the same venue against Mocha Champs.Ronald Adams and Jarrell George will be hoping to continue their goal-scoring form against the new kids on the block.In Group B play, Grove Hi Tech will also be aiming to make it two of two when they oppose Friendship from 10:00hrs. Friendship ended last year’s inaugural league in fourth place behind Grove (3rd) in their first year as a member of the EBFA and no doubt will be fancying their chances of going a step further this year.The final match tomorrow will see a clash of the Linden/Soesdyke Highway teams when Kuru Kururu Warriors match skills with Highway United. An entertaining day of action awaits football fans.Group ATeams                                                     P              W            L             D             GF           GA          GD          PointsDiamond United                      1              1              0              0              2              0              +2            3Mocha Champs                       1              0              1              0              0              2              -2             0Agricola Red Triangle             0              0              0              0              0              0              0              0Herstelling                                               0              0              0              0              0              0              0              0Diamond Upsetters                 0              0              0              0              0              0              0              0Group BGrove Hi Tech                        1              1              0              0              5              0              +5            3Samatta Point K/ville               1              0              1              0              0              5              -5             0Friendship All Stars                                0              0              0              0              0              0              0              0Kuru Kururu Warriors             0              0              0              0              0              0              0              0Highway United                    0              0              0              0              0              0              0              0last_img read more

first_imgFOUR of Guyana’s most promising lawn tennis players, Vadeanand Resaul, Devine Kalekyezi, Sekai Jones and Saskia Persaud, will have the opportunity to gain experience and exposure when they compete at the regional level in the 2019 JITIC Regional Under-14 Competition, to be staged from July 6 to 11 in the Republic of Trinidad &Tobago.These players, all members of the Sheltez Tennis Club, will be accompanied by their coach Leyland Leacock, and the five are due to depart Guyana today in order to give themselves enough time to prepare for the competition and to acquaint themselves well with the playing styles of each other.The Guyana Lawn Tennis Association (GLTA) has expressed gratitude to a long list of sponsors who have continued to offer assistance over the years, as the GLTA seeks to create opportunities for young children through the great sport of tennis.Among those sponsors are John Fernandes Limited, Toolsie Persaud Limited, Republic Bank Limited, P & P Insurance Brokers & Consultants, Rohan Auto Spares, and Gafoors.last_img read more