January 16, 2017 11:30 AM ET

Energy Equipment and Services

Company Overview of CHC Group Ltd.

Company Overview

CHC Group Ltd. provides commercial helicopter services to the offshore oil and gas industry worldwide. The company operates through two segments, Helicopter Services and Heli-One. Its helicopters are primarily used to facilitate long-distance crew changes on offshore production facilities and drilling rigs. The company also offers search and rescue, and emergency medical services to government agencies. In addition, it provides maintenance, repair, and overhaul services, including maintenance outsourcing solutions, parts sales and distribution, engineering services, design services, and logistics support for heavy structural repairs, as well as for maintaining, overhauling, and testing helic...

190 Elgin Avenue

George Town,  KY1-9005

Cayman Islands

Founded in 1987

3,600 Employees

Phone:

604-276-7500

Key Executives for CHC Group Ltd.

Chief Executive Officer, President, Director, Chairman of Routine Transactions Committee and Member of Health, Safety & Environment Committee
Age: 53
Total Annual Compensation: $1.2M
Chief Financial Officer and Senior Vice President of Finance
Age: 49
Total Annual Compensation: $597.8K
Chief Administrative Officer, Senior Vice President of Legal & Administration and General Counsel
Age: 44
Total Annual Compensation: $659.9K
Compensation as of Fiscal Year 2016.

CHC Group Ltd. Key Developments

Second Amended Reorganization Plan and Disclosure Statement Filed by CHC Group Ltd.

CHC Group Ltd. filed a second plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 19, 2016. As per the amended plan, the Revolving Credit Agreement claims of $383.02 million will be paid in cash. There is no change in treatment of various claimant classes.

CHC Group Signs New Contract with Wintershall Norge AS

CHC Group (CHC) announced it has signed a new contract with Wintershall Norge AS (Wintershall), to provide helicopter services in support of their drilling program at the Maria Field in the Norwegian Sea on the Halten Terrace in blocks 6407/1 and 6406/3. The operation will begin in March 2017, flying from CHC's base in Kristiansund using a Sikorsky S-92, which has a proven safety and availability record, reaching more than one million fleet hours of service earlier in 2016. Wintershall's drilling program is expected to last for an initial period of approximately 550 days and the contract includes an option to extend CHC's services beyond this initial period.

First Amended Reorganization Plan and Disclosure Statement Filed by CHC Group Ltd.

CHC Group Ltd. filed an amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on December 5, 2016. As per the amended plan filed, Revolving Credit Agreement Claims of $371 million will be paid in full in cash. ABL Credit Agreement Claims of $139 million will recover of 39.2% of the allowed amount. Senior Secured Notes Claims of $1.07 billion will recover in the range of 5.40% to 17.60% of the allowed amount. Unsecured Notes Claims of $98.53 million will recover in the range of 6.60% to 16.20% of the allowed amount. Convenience Claims will be expected to 10.40% of the allowed amount. There were no changes in treatment of other classes of claims.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
May 5, 2016
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