8,393 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Nearly $2 Billion in Debt, Bristow Files Bankruptcy

Published in Oil Industry News on Monday, 13 May 2019

Graphic for News Item: Nearly $2 Billion in Debt, Bristow Files Bankruptcy

In a move widely anticipated for months, if not years, helicopter services company Bristow Group announced Saturday morning that it entered Chapter 11 bankruptcy proceedings in the Southern District of Texas, claiming debts of $1.885 billion against assets of $2.86 billion and citing “previously disclosed financial challenges” and “constrained liquidity.”

Bristow CEO L. Don Miller called bankruptcy, “the best path forward for Bristow and its stakeholders.” The company said it was seeking bankruptcy protection to “restructure and strengthen its balance sheet and achieve a more sustainable debt profile” and that it would continue normal operations during its restructuring.

The bankruptcy filings pertain to Bristow entities in the United States and the Cayman Islands and not its other non-U.S entities. The entities covered under the filings include Bristow Group, BHNA Holdings, Bristow Alaska, Bristow Helicopters, Bristow U.S. Leasing, Bristow U.S., BriLog Leasing, and Bristow Equipment Leasing.

Primary creditors listed include the company’s senior note holders, which are owed $895.25 million, various banks and financial institutions owed $580 million, and the GECAS helicopter leasing unit Milestone Aviation Group, owed $21.9 million.

Bristow said it will continue normal operations with the assistance of a $75 million loan from unnamed senior secure noteholders plus another $75 million in debtor-in-possession (DIP) financing from those noteholders upon court approval. As of last year Bristow operated 318 helicopters and 78 fixed-wing aircraft and had 4,000 employees worldwide. Bristow has not filed any official financial results in calendar 2019 nor in the fourth quarter of calendar 2018. The company derives more than 70 percent of its revenues from the offshore oil-and-gas market and joins of growing list of helicopter-related companies serving it that have filed bankruptcy in recent times including CHC, PHI, and leasing company Waypoint.

Find Out More


Bristow Group, Helicopter, Offshore, Chapter11

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com