Bristow Group Inc (VTOL)

[mdimport]

$BRS in their 8-K filing on 04/15/2019 basically stated they are going to file a voluntary Chapter 11 and wipe out both Common shareholders and unsecured creditors.

$BRS previously lied about the nine helicopter engines being the reason for the release of their delayed financials. $BRS management and the BOD were simply buying time to effect a voluntary Chapter 11 filing. The only real question is what day it will happen on.

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"... We and certain of our subsidiaries may elect to implement such a transaction through Chapter 11 of the United States Bankruptcy Code (“Chapter 11”) in order to obtain court approval of such transactions and to facilitate the stakeholder approvals necessary to implement such transactions.

...

Additionally, all of our indebtedness is senior to the existing common stock in our capital structure. As a result, we believe that the restructuring our indebtedness and the confirmation of a plan that has requisite stakeholder support under a Chapter 11 proceeding could cause the shares of our existing common stock to be canceled, resulting in a limited recovery, if any, for holders of our common stock, and would place holders of our common stock at significant risk of losing all of their investment in our shares. Additionally, certain of our consolidated subsidiaries have a significant amount of secured indebtedness that is senior to our unsecured indebtedness. As a result, we believe that the outcome of a Chapter 11 proceeding could result in a limited recovery, if any, for unsecured noteholders and certain other unsecured creditors. ..."

https://www.sec.gov/Archives/edgar/data/73887/000119312519106653/d734978d8k.htm

This is the current status of the $BRS bonds:



http://finra-markets.morningstar.com/BondCenter/Results.jsp