CHC Brazil Signs Five Transportation Contracts with Petrobras
CHC do Brasil, CHC Helicopter’s subsidiary, has signed five contracts with energy company Petrobras to…
CHC Group LLC has announced a recapitalization transaction that will enhance its balance sheet and reduce funded debt obligations by up to $500 million subject to regulatory approvals.
The company’s existing debt and equity holders agreed to provide over $100 million in new money and liquidity-enhancing commitments, consisting of $60 million in initial funding, an additional $30 million of available commitments, and $10 million from adjustments to its aircraft financing facilities.
“Today marks a significant, positive step forward for CHC providing a clear path to a significantly reduced debt burden for the company which will benefit our customers, suppliers, and employees,” said David Balevic, Chief Executive Officer, CHC Group LLC. “Our enhanced balance sheet will provide us greater operating flexibility to meet the rapidly changing rotary wing aviation market.”
The global helicopter services provider believes that the transaction will offer the liquidity and sustainable long‐term capital structure needed in providing safe, reliable and cost‐effective helicopter services.
CHC Group LLC has extensive experience transporting customers in the oil and gas industry, supporting search‐and‐rescue and EMS contracts, and providing maintenance, repair and overhaul services.
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