Thursday, May 5, 2016
CHC Files for Bankruptcy Protection
CHC Group has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas to facilitate the restructuring of its balance sheet and fleet. The reorganization is expected to strength CHC's financial position by reducing long-term debt and enhancing financial flexibility while allowing the company to manage and operate its fleet. CHC expects daily operations to continue without interruption throughout the restructuring process.
About two weeks ago, the company said it had elected to skip interest payment on its 9.25% senior secured notes maturing Oct. 15, 2020.