Bristow Group Inc (VTOL)

[mdimport]

I would do something slightly different than the GVIC solution, however their idea for removing EBITDA-negative assets is the right approach overall.

I would bundle Airnorth and Eastern as one fixed-wing company, raise capital for it, then spin it off giving then-current $BRS shareholders shares in the IPO.

I would follow the same model for the H225 fleet: raise capital for it, then spin it off giving then-current $BRS shareholders shares in the IPO.

$BRS would then have removed the two cash drains so it can grow its balance sheet, and $BRS shareholders would have shares in three companies: $BRS, Fixed-wing Co., H225 Co.

Managements for Fixed-wing Co. and H225 Co. would chart their own course to profitability.