Under pressure Bristow Group has been forced to reclassify $1.4 billion dollars of debt from long to short term as it seeks to avoid bankruptcy.
The Houston-headquartered business, which through a 海角视频 subsidiary owns Humberside Airport and delivers 海角视频 Coastguard Search and Rescue air support, gave the update as it filed its final quarterly report for 2018.
It has also completed required amendments to its last annual report for 2017/18, and subsequent quarterlies in June and September last year.
No details were given as to performance, but it has the backing of investors and has won new contracts.
It follows “material weakness” discovered in February that put major leases in jeopardy, after engines and airframes of helicopters were interchanged.
Bristow said it did not detect any indications of accounting irregularities or impropriety following the filing being put on hold, which put it in breach of New York Stock Exchange rules.
A spokesperson said: “With the filings made today, the review of existing processes and controls has been completed and a remediation plan has been developed and is being implemented to remediate the previously disclosed material weakness.
"There were limited matters identified through the assessment which were considered breaches of certain debt or lease agreement covenants; however, none of those breaches matured into events of default and were appropriately cured or resolved with the relevant lender and/or lessor.”
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Bristow intends to file 2018/19’s annual report “as soon as practicable after the anticipated Bankruptcy Court hearing” it said.
Hours before filing for Chapter 11 protection, Bristow sold Humberside-based Eastern airways back to founder Rickard Lake OBE, for an undisclosed fee, believed to be considerably less than the £27 million it paid in 2014.
Eastern had previously bought a controlling stake in the Kirmington airport, but that was retained by Bristow.
Of the route embarked upon, Don Miller, president and chief executive, said: "This is the best path forward for Bristow and we are confident that we will emerge from this restructuring process as a stronger and more competitive company that is better positioned for the future. Under the protection of the bankruptcy court, we expect to restructure and strengthen our balance sheet. We believe that this financial reorganization is an important step towards ensuring our company is best positioned financially and operationally for the long term."