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Offshore oil and fuel helicopter specialist CHC Group intends to slash its debt by $500 million by means of a recapitalisation course of involving present debt and fairness holders.
CHC says the transaction will “considerably scale back its funded debt obligations” by as much as $500 million, and contains the supply of $100 million in “new cash and liquidity enhancing commitments” from “a considerable portion” of its present debt and fairness holders.
These encompass $60 million in an preliminary funding, one other $30 million of obtainable commitments, and $10 million from changes to its plane financing services.
CHC says the settlement is the results of month’s of “in depth negotiations” with key monetary stakeholders and can present “liquidity and [a] sustainable long-term capital construction”.
“As we speak marks a big, optimistic step ahead for CHC, offering a transparent path to a considerably diminished debt burden for the corporate which can profit our clients, suppliers, and staff,” says David Balevic, CHC chief govt.
“Our enhanced stability sheet will present us larger working flexibility to satisfy the quickly altering rotary-wing aviation market.”
CHC has already gone by means of a considerable restructuring through US Chapter 11 chapter safety in 2016-2017. Regardless of this, persistent rumours remained in regards to the firm’s monetary place.
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