CHC Helicopter to reorganize, recapitalize with up to $450 mln

Helicopter services company CHC Group Ltd, which filed for bankruptcy protection in May, has filed a proposed Chapter 11 plan of reorganization in the United States. Under the plan's terms, the company will recapitalize with US$300 million from its existing creditors. It will also have access to additional asset-based financing commitments of US$150 million from the Milestone Aviation Group Ltd. CHC said it will seek confirmation of the plan in early 2017 and is on track to emerge from the court-supervised process shortly thereafter. Vancouver-based CHC is a portfolio company of U.S. private equity firms Clayton Dubilier & Rice and First Reserve Corp.

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