CHC Group Files For Chapter 11 Bankruptcy - Quick Facts

(RTTNews) - CHC Group Ltd. (HELI, HELIQ), the parent company of CHC Helicopter, said that the company and certain of its wholly-owned subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas.

The voluntary Chapter 11 petitions were filed by the company to facilitate the restructuring of its balance sheet and fleet, and position the company for long-term success.

CHC noted that like many companies in the oil and gas industry, its operations have been significantly affected by the dramatic decline in oil prices since their peak in 2014 and general uncertainty in the energy market, which has led to decreased customer demand and an increase in idle aircraft.

CHC expects day-to-day operations to continue without interruption throughout the court-supervised restructuring process. The company also expects to maintain sufficient liquidity throughout the restructuring process to maintain its continuing business operations.

Further, the company said it has filed certain "first-day" motions with the court to facilitate operating in the normal course throughout the court-supervised restructuring process.