A Message from Our CEO
As you know, we are navigating challenging times for our industry, and we have been working diligently with our financial and legal advisors on ways to strengthen our company and best position it for the future.
After careful deliberation and a thorough review of strategic financial alternatives, we have decided to file voluntarily for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. These filings only pertain to certain U.S. entities and two of our Cayman Islands subsidiaries. Our other non-U.S. entities, including those holding our non-U.S. air operating certificates (“AOCs”), are not part of the bankruptcy filing. All of our operations will continue in the ordinary course of business through the bankruptcy proceedings.
Chapter 11 will allow us to continue normal course operations while we reorganize our financial structure, which is a critical step towards best positioning our company financially and operationally for the long term. Importantly, we already have the support of many of our senior secured noteholders and continue, together with our financial and legal advisors, to hold meaningful discussions with other debtholders.
This is the best path forward for Bristow and we are confident that we will emerge from this restructuring process as a stronger and more competitive company that is better positioned for the future. Under the protection of the bankruptcy court, we expect to restructure and strengthen our balance sheet. We believe that this financial reorganization is an important step towards ensuring our company is best positioned financially and operationally for the long term.
As we undergo this process:
There are no changes to our mission: safety remains Bristow’s number one focus. First and foremost, throughout the restructuring process, our mission and our commitment to safety will not waver. The safety of the Bristow team, clients and passengers remains our absolute priority.
Our day-to-day operations will continue in the ordinary course of business; continuity of service is paramount. Importantly, we will continue to operate business as usual throughout this financial restructuring process and we remain committed to providing safe, reliable and professional service. Our employees remain steadfastly focused on our valued clients and passengers.
We expect to emerge from this restructuring process as a stronger company with a stronger balance sheet, better positioned for the future. We intend to move through this process as quickly and efficiently as possible. This process will enable us to achieve a lower and more sustainable debt level, which is critical to our long-term health and competitive positioning.
All of our employees - pilots, mechanics, engineers, rescue specialists, support function personnel - remain intently focused on meeting our obligations. As we undergo this process, our talented team will continue to deliver exceptional service and reliability with the highest standards in safety to ensure your operations run smoothly and successfully.
We are grateful for your trust in Bristow and we look forward to continuing to provide excellent service with unparalleled safety for many years to come.
President and CEO