Davis Polk advised (i) an ad hoc group of holders of nearly 90% of the $350 million first-lien secured notes issued by Bristow Group Inc. (“Bristow”) and (ii) the administrative agent, and 100% of the lenders to Bristow under its first-lien term loan credit facility, in connection with the restructuring of Bristow and certain of its affiliates (the “Debtors”). The ad hoc group also provided a portion of Bristow’s $150 million debtor-in-possession (“DIP”) term loan.

On October 8, 2019, the Debtors’ plan of reorganization was confirmed by the United States Bankruptcy Court for the Southern District of Texas. Under the plan, the holders of Bristow’s first-lien secured notes received cash equal to 97% of their claims plus accrued and unpaid prepetition and postpetition interest, as well as the right to participate in a rights offering for equity in the reorganized company. Bristow’s first-lien term loan credit agreement was amended and restated, and lenders thereunder received a cash amendment fee. Lenders under the DIP term loan exchanged their debt for equity in the reorganized company. Bristow emerged from chapter 11 on October 31, 2019.

Bristow is the leading provider of industrial aviation services, offering helicopter transportation, search and rescue, and aircraft support services to government and civil organizations worldwide. With headquarters in Houston, Texas, Bristow has major operations in the North Sea, Nigeria, the United States Gulf of Mexico and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad.

The Davis Polk restructuring team included partner Damian S. Schaible, counsel Natasha Tsiouris and associates Jonah A. Peppiatt and Daniel E. Meyer. The finance team included partner Kenneth J. Steinberg and associates Scott G. Johnsson and Jeff Najjar. The corporate team included partner Leonard Kreynin and associate W. Soren Kreider IV. Partner James I. McClammy provided litigation advice. All members of the Davis Polk team are located in the New York office.