Bristow Out Of Bankruptcy

 - November 4, 2019, 11:15 AM

Bristow Group officially emerged from Chapter 11 bankruptcy reorganization last week with $535 million in new capital and a new board of directors with extensive experience in energy, finance, and helicopter businesses. The company filed for bankruptcy in May, claiming debts of $1.885 billion against assets of $2.86 billion and citing “previously disclosed financial challenges” and “constrained liquidity.”  

L. Don Miller, who was appointed Bristow CEO in February 2019 and guided it through the bankruptcy process, will remain in his current office and a member of the company’s board. Other board members include Aris Kekedjian (chairman), Wesley E. Kern, Robert J. Manzo, Lorin L. Brass, G. Mark Mickelson, Brian D. Truelove, and Hooman Yazhari. Former Bristow director Ian A. Godden will continue as chairman of Bristow Aviation Holding Limited, Bristow's UK affiliate, and serve in an advisory role to Bristow.

Miller said the restructured Bristow is “committed to further building on our global leadership role in offshore oil and gas transportation and search and rescue” and will “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."