Used Helicopter Market Attains Shaky Hover ainonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ainonline.com Daily Mail and Mail on Sunday newspapers.
- February 8, 2021, 6:37 PM
Global helicopter services company Bristow Group announced a widening net loss in the fourth quarter and confirmed its intention to seek $400 million in new financing to pay down high-cost debt, some of which comes due in 2022. CEO Chris Bradshaw also said he didn’t see Bristow’s core offshore energy business improving until next year.
The new debt will be secured by 93 pledged aircraft from its fleet and “substantially all of the other tangible and intangible property assets of the company.” Debt proceeds combined with company cash will be used to repay term loans of $152 million from Macquarie Bank and $203.9 million from Apollo unit PK AirFinance, as well as $132 million in 7.75 percent senior notes due next year.