PE-backed CHC Helicopter files for bankruptcy protection
Helicopter services company CHC Group Ltd (NYSE: HELI) has filed voluntary Chapter 11 petitions in the United States to facilitate restructuring of its balance sheet and fleet. CHC said the reorganization is expected to strengthen financial fundamentals by reducing long-term debt and enhancing flexibility, while allowing it to operate its fleet of aircraft. The company, which has many customers in the energy industry, said it has been negatively impacted by the recent decline in oil prices. Vancouver-based CHC is backed by U.S. private equity firms Clayton Dubilier & Rice and First Reserve Corp. Clayton Dubilier bought up to $600 million in convertible preferred shares in the company in 2014, making it CHC's largest investor.
6 May 2016•6 mins read
