Bristow Group has provided an update on the company's Chapter 11 court proceedings, and continued progress on its plan to emerge from Chapter 11 in the fourth quarter of 2019.

The company has filed an amended joint plan of reorganisation (the amended plan) and the related disclosure statement for the amended plan (the amended disclosure statement) with the United States Bankruptcy Court for the Southern District of Texas.

In addition, the court has approved the proposed super-priority secured debtor-in-possession credit agreement in an aggregate principal amount of $150 million. The company expected to execute and fund the borrowings under the DIP credit agreement on August 26, subject to the satisfaction of customary closing conditions. The funding of the DIP credit agreement will satisfy the financing condition for the company's previously announced tender offer to purchase for cash a portion of its outstanding 8.75% senior secured notes due 2023.

The company's ad hoc groups of secured and unsecured creditors provided a statement to the court in support of the company's fiscal year 2020 performance incentive plan and the fiscal year 2020 non-executive incentive plan, and the court has approved these employee incentive plans.

President and CEO L. Don Miller says: “These positive developments represent significant progress toward de-levering our balance sheet, optimising our fleet and raising new capital, as we continue to execute our strategy to improve our competitive positioning and build on our industry-leading culture of safety and performance. We remain on course to achieve an accelerated and efficient emergence from Chapter 11, with the support and partnership of our lenders, creditors and new capital providers."

The court has also conditionally approved the amended disclosure statement and the debtors' commencement of solicitation of votes on the amended plan. Bristow will promptly distribute the amended plan and the amended disclosure statement to voting creditors for their consideration.