The US Bankruptcy Court for the Southern District of Texas has confirmed Bristow Group's amended plan of reorganisation (the plan). Bristow expects to consummate its financial restructuring process and successfully emerge from Chapter 11 by 31 October, 2019.

Upon emergence as a privately held company, Bristow's largest owners are expected to be affiliates of Solus Alternative Asset Management, South Dakota Investment Council, Empyrean Capital Partners, Bain Capital Credit and Oak Hill Advisors, who are expected to own in excess of 50 per cent of Bristow's equity collectively, with the remainder held by other secured creditors and unsecured noteholders.

Under the terms of the approved plan, at emergence the company will receive $535 million of new capital from a majority of Bristow's secured and unsecured noteholders: $385 million through an equity rights offering, and Bristow's $150 million debtor-in-possession loan, which was funded in August 2019 and will convert into new equity of the reorganised company at emergence.

Bristow president and chief executive officer L Don Miller says: “Achieving plan confirmation is an important milestone that comes less than five months after we initially filed Chapter 11. As a reorganised company, we will emerge a stronger, well capitalised global organisation with an industry-leading balance sheet and strong liquidity. I commend the entire global Bristow organisation for working diligently to navigate the restructuring process while flying safely and continuing to provide exceptional client service. I also express my gratitude to our clients for their continuing confidence in Bristow during this process. We look forward to continuing to work with our new owners, who have been very supportive of our global team and greatly value our market leading position.”