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Bristow set to emerge from Chapter 11

first_imgOffshore helicopter operator Bristow Group expects to emerge from Chapter 11 by the end of the month following a confirmation of its reorganization plan by a U.S. court.A Bristow helicopter; Author: Ronnie Robertson – under the CC BY-SA 2.0 licenseBristow voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas in May 2019.On October 4, 2019, the U.S. Bankruptcy Court for the Southern District of Texas confirmed Bristow’s amended plan of reorganization and indicated that it will enter a written order to this effect.According to the company’s statement on Monday, it expects to consummate its financial restructuring process and successfully emerge from Chapter 11 by October 31, 2019.Upon emergence as a privately held company, Bristow’s largest owners are expected to be affiliates of Solus Alternative Asset Management LP, South Dakota Investment Council, Empyrean Capital Partners, LP, Bain Capital Credit and Oak Hill Advisors, who are expected to own in excess of 50% of Bristow’s equity collectively, with the remaining equity held by other secured creditors and unsecured noteholders.Under the terms of the approved plan, at emergence the company will receive $535 million of new capital from a majority of Bristow’s secured and unsecured noteholders: $385 million through an equity rights offering, and Bristow’s $150 million debtor-in-possession loan, which was funded in August 2019 and will convert into new equity of the reorganized company at emergence.L. Don Miller, President and Chief Executive Officer of Bristow, said, “Achieving plan confirmation is an important milestone that comes less than five months after we initially filed Chapter 11. As a reorganized company, we will emerge a stronger, well capitalized global organization with an industry-leading balance sheet and strong liquidity.”The consummation of the plan will be subject to the satisfaction or waiver of several conditions, including completion of the equity rights offering.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

No decision yet on oil refinery – Harmon

first_imgThere have been several reports of plans to establish oil refineries at various locations across the country, but State Minister Joseph Harmon has declared that Government is yet to make a decision on the matter. “The question of establishing an oil refinery is still an ongoing discussion; we haven’t made a decision on it at the level of Government,” Government’s Chief spokesperson said at the post-Cabinet press briefing on Thursday.He added that the issue of setting up an oil refinery is not one to be taken lightly and decided upon easily.“These decisions require careful analysis and careful study; and as far as I’m aware, we have not made a decision in that regard — that we are going to establish an oil refinery in any part of Guyana,” he asserted.Minister Harmon explained that there are private citizens and companies that have been expressing interest in establishing oil refineries.“Every week you have these companies popping up, and so I wouldn’t doubt that there is something out there in the public domain; but what I can say to you is that there is no engagement with the Government in that regard insofar as the setting up of an oil refinery in any part of this country (is concerned),” he clarified.Oil refineryThe most recent reports of the establishment of an oil refinery here was made by local company GuyEnergy during the inaugural petroleum summit – GIPEX – that was held earlier this month.Chief Executive Officer of GuyEnergy, Dr Turhane Doerga, had revealed that his company is working on building a modular oil refinery in Linden, Region 10 (Upper Demerara-Upper Berbice).His British partner and Operations Director of the company, Steve Rowan, had stated that the facility would produce fuels for markets both in Guyana and in Brazil using crude oil from ExxonMobil. This facility is expected to have a capacity of 30,000 barrels per day.Construction is scheduled to start at the end of this year, and be completed in 2019 for operation, ahead of first oil the following year. It was explained that the refinery would be operational before the commencement of the 2020 oil production, and as such, crude would be outsourced in the meantime.The cost for building the modular refinery is pegged at just under US$100 million. A desktop feasibility study conducted by Director of Advisory Services at the United States-based firm Hartree, Pedro Haas, had found that it would cost some US$5 billion to build an oil refinery in Guyana, and at least half the invested amount would be lost upon commissioning, with a negative rate of return on investment between US$2 billion and US$3 billion.Haas had stated mid last year that it was not feasible to establish a refinery with a capacity of 200,000 barrels per day when Guyana’s daily demand is between 13,000 and 14,000 barrels per day.However, Doerga had posited that Haas only looked at establishing full-scale refineries and not at modular ones. He explained that the former facility is outdated and catered only for large-scale refining. The GuyEnergy CEO further pointed out that nobody uses large refineries anymore. As such, he could not understand why the government-paid expert did not considered smaller and more efficient modular types used globally in his study.Nevertheless, based on the findings in the feasibility study done by Haas, Natural Resources Minister Raphael Trotman had stated back in October that Government would not be going ahead with constructing an oil refinery. He said Government cannot afford such a large investment, but at the same time, he welcomed such investments by the private sector. In fact, the Natural Resources Minister had said that talks were buzzing about building a much smaller modular oil refinery, and Government is prepared to give favourable consideration that can meet good standards and guidelines.last_img read more


first_imgMcElhinneys  are delighted to be en-route to London for the prestigious Drapers Magazine Awards ceremony.Management at McElhinneys have expressed their delight at being named named finalists in both the Best Department Store UK and Ireland and Best Multichannel Operator UK and Ireland at the Drapers Magazine Independents Awards in London later this month.General manager Martin McElhinney told Donegal Daily, “This is a massive honour for all the team here at McElhinney’s. “We know we wouldn’t be there without the support of our brilliant customers who make it possible for us to do what we do, so THANK YOU.“Not bad for a wee shop from Ballybofey.MCELHINNEYS HEAD TO LONDON FOR PRESTIGIOUS AWARDS CEREMONY was last modified: September 4th, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Businessnewslast_img read more