MM/dd/YYYY: Bristow Group (date = some time between 05/15-06/19)
03/15/2019: PHI Inc.
11/25/2018: Waypoint Leasing Holdings Ltd.
05/05/2016: CHC Helicopters
Current estimated voluntary Chapter 11 time estimate from here:
https://www.flightglobal.com/news/articles/debt-ridden-helicopter-operator-bristow-warns-on-fut-457523/
$BRS is losing approximately $15M / month based on the cash burn as per their filings:
09/30/2018: $307.8M
04/15/2019: $202.1M
Monthly cash burn rate: $15.1M
$BRS needs to shed the unprofitable helicopter leases, and other unprofitable business segments until they are generating free cash flow, and profits. Chapter 11 allows this to occur. Probably management will target a percentage that ensures healthy profits in the post-bankruptcy environment.
Chapter 11 is a reorganization of a debtor's business affairs, debts, and assets. Corporations generally file Chapter 11 to give the debtor a fresh start, however it won't erase the memory in the market of the failed Columbia Helicopter, or the losses suffered by shareholders and unsecured creditors.
Whats unknown is how $BRS plans to deal with Common shareholders and unsecured creditors. Common stock and unsecured bonds are trading for pennies on the dollar. There's a scenario whereby if $BRS Common trades for $0.01 and unsecured bonds trade for $1, it may be a good PR move on the part of $BRS management to issue fresh stock post-bankruptcy to those classes of holder. This way $BRS can state they haven't wiped them out, the market did that.
Don Miller has a legacy, and time will tell the tale.
"... Don Miller is receiving an annual base salary equal to $700,000 and a target long-term incentive award opportunity equal to $3,000,000. For fiscal year 2019, Mr. Miller’s target bonus opportunity will be $356,354.
In the event of termination Miller will receive two times base salary plus prorated annual incentive target bonus, so around $1,756,354. ..."
https://www.sec.gov/Archives/edgar/data/73887/000007388719000013/brs8-kx3012019.htm
http://www.bristowgroup.com/about-bristow/executive-officers/senior-leadership/don-miller/
The paradox of iHub: buy high, sell low
Recent VTOL News
- Bristow Group Reports First Quarter 2024 Results and Issues New Financial Outlook • PR Newswire (US) • 05/07/2024 08:00:00 PM
- Bristow Group Announces First Quarter 2024 Investor Call • PR Newswire (US) • 04/26/2024 12:35:00 AM
- Bristow Group Reports Fourth Quarter and Full Year 2023 Results • PR Newswire (US) • 03/05/2024 09:42:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 09:31:02 PM
- Bristow Upgrades Fleet with New AW189 Helicopters to Meet Customer Demand and Boost Profitability • PR Newswire (US) • 02/28/2024 01:30:00 PM
- Bristow Group Announces Fourth Quarter and Full Year 2023 Earnings Release Call • PR Newswire (US) • 02/27/2024 10:15:00 PM
- Bristow and The Helicopter Company Form Strategic Partnership to Explore Advanced Air Mobility Opportunities • PR Newswire (US) • 02/27/2024 09:49:00 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 02/23/2024 09:04:49 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 01/24/2024 09:51:08 PM
- Bristow Enters Into New Long-term Equipment Financing for up to £55 Million • PR Newswire (US) • 01/24/2024 09:01:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 01/10/2024 10:13:13 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/11/2023 01:32:29 PM
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