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CHC Wins Contract with Providence Resources PLC


CHC Group recently announced it signed a new contract with Providence Resources PLC to provide helicopter services in support of its exploration well program on the Druid/Drombeg prospect in Frontier Exploration Licence 2/14 of the southern Porcupine Basin, Offshore Ireland, some 215 kilometers off the southwest coast of Ireland. The contract will see a dedicated Sikorsky S-92 flying out of Cork Airport beginning this June and will once again see CHC work in conjunction with Lloyd’s Register (“LR”) as the wells project management company.


Mr.


Erickson Successfully Completes Financial


Restructuring Emerges from Chapter 11


Erickson Incorporated, recently announced that it has successfully emerged from Chapter 11 bankruptcy protection. The company satisfied the conditions of its confirmed plan of reorganization, which became effective following approximately five months of negotiations and court proceedings.


President and CEO Jeff Roberts


said, “We are very pleased to have completed our financial restructuring in such an efficient and timely manner. Chapter 11 allowed us to achieve rationalization of our aircraft fleet and deliver our balance sheet by over $400 million in debt. We are exiting the restructuring process with significant available liquidity to fund the company’s present and future business opportunities.”


and


“We are delighted that Providence and LR have, once again, selected CHC as its aviation partner,” said Mark Abbey, CHC regional director for Europe, Middle East and Africa (EMEA). “With


our extensive


experience transporting offshore workers in the oil and gas industry, dedication to safety, and reputation for the highest quality service, we look forward to building on our relationship with the Providence team in Ireland,”


Roberts continued, “With a


stronger financial foundation and reduced cost structure, we are well positioned under the new business model to fund our operations and to further develop and expand our business in order to better serve our customers and enhance value for all stakeholders for years to come.”


As provided in the plan of reorganization, the pre-petition first lien debt was satisfied in full and holders of the company’s pre-petition second priority senior secured notes received new common stock in exchange for their claims. The new ownership is comprised of a diverse shareholder group that


includes


former bondholders. The company will move forward as a privately-held small business, effective immediately.


AErickson’s plan of reorganization was confirmed by order entered by the United States Bankruptcy Court for the Northern District of Texas on March 22, 2017.


“This is a great continuation of our relationship with both Providence and LR,” added Karl Fessenden, president and CEO of CHC Helicopter. “We look forward


to supporting this operation


and providing the global standards for safety, logistical support and efficiency that customers around the world expect from CHC.”


Want more news? • Visit RotorcraftPro.com or subscribe to our Heli-Industry Week in Review e-newsletter


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