Bristow Group has announced that, as part of its previously-filed Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas, the company has entered into a $385 million backstop commitment agreement with certain of the company's secured and unsecured noteholders for new equity interests of the company, in connection with the amended and restated restructuring support agreement (amended RSA) announced on June 28, 2019, as amended and restated on July 24, 2019 (second amended RSA). The backstop and second amended RSA are part of a broad and consensual re-capitalisation plan that will help to de-lever the company's balance sheet and fund its global operations as the company continues to work towards promptly emerging from bankruptcy.

The company also announced that, in accordance with the milestones in the second amended RSA, as extended, it is filing a motion for debtor-in-possession financing (DIP Motion) with the Bankruptcy Court. This important step brings the company closer to accessing the $150 million in committed financing previously disclosed.

L. Don Miller, president and chief executive officer of Bristow, says: "This is another significant step forward as we continue on our path towards a timely emergence from Chapter 11. This $385 million commitment agreement, along with our new $150 million DIP financing, reconfirms the level of confidence shown by holders of the majority of our secured and unsecured notes, and the value they see in our global business. Our re-capitalisation plan will significantly lower debt levels and improve liquidity. With the support of the parties to the agreements, we expect to emerge in the fourth quarter of this year as a stronger organization for all stakeholders including our employees and customers. As a result of our successful reorganisation and ongoing hard work of our global employees, we will be better positioned financially to continue to deliver safe, reliable and professional services to our clients around the world."