Offshore Logistics: Flying High Over The Oil Patch

When energy prices crashed during the spring of 1986, oil-field-service companies were failing fast. And James B. Clement, then the No. 2 executive at Offshore Logistics Inc., was afraid his money-losing outfit would be next. But the helicopter-and-boat operator, based in Lafayette, La., got a second chance: In exchange for giving lenders 31% of its stock, its interest payments were cut by two-thirds.

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