Bristow Group has filed a Chapter 11 plan of reorganisation and a related disclosure statement with the United States Bankruptcy Court for the Southern District of Texas. The plan outlines a proposed path to strengthen Bristow's balance sheet, reducing debt and improving liquidity in order to emerge from bankruptcy as a financially stronger company, and incorporates the company's previously disclosed $385 million backstop commitment agreement with certain of its secured and unsecured noteholders for new equity interests of the company, as detailed in the second amended and restated restructuring support agreement announced on 25 July, 2019.

President and chief executive officer L Don Miller says: “Our plan of reorganisation marks another significant step forward in our path towards a timely emergence from Chapter 11 in the fourth quarter of this calendar year, and I commend the hard work and extensive contributions of the entire Bristow team involved in developing the plan as well as those who are on the front lines delivering for our clients. The plan, which is the result of detailed and productive negotiations with our stakeholders, will allow us to emerge from bankruptcy as a stronger company that is even better positioned to continue to deliver safe, reliable and professional services, and build sustainable value for the future as the industry leader in global oil and gas transport and search and rescue services.”

A hearing will be scheduled with the court to consider approval of the disclosure statement related to the plan. Following court approval of the disclosure statement, Bristow will distribute the plan and disclosure statement to voting creditors for their consideration.