Bristow Group has emerged from Chapter 11 bankruptcy protection, successfully completing its debt restructuring process and implementing the Chapter 11 reorganisation plan confirmed by the US Bankruptcy Court for the Southern District of Texas.

The company has reduced its debt significantly and is emerging with US$535 million of new capital, which it believes will provide significant financial flexibility to support its global operations. Bristow also announced it has amended and reinstated its $75 million term loan as of its emergence.

President and CEO L Don Miller says: “We are beginning this new chapter of Bristow's proud history having achieved our key restructuring goals: a stronger balance sheet and improved liquidity that will enable us to continue providing industry-leading service to our global client base. I would like to commend our global team for its unwavering focus on delivering safe and efficient service to our clients and passengers as we navigated the restructuring process.

“We are committed to further building on our global leadership role in offshore oil and gas transportation and search and rescue. As we have throughout this process, we remain focused on being 'best in class' for all our stakeholders, particularly our employees, customers and new owners as we continue to look for ways to drive innovation and efficiencies across the global business.”

The new board will be chaired by Aris Kekedjian.