/raid1/www/Hosts/bankrupt/TCR_Public/170211.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, February 11, 2017, Vol. 21, No. 41
Headlines
CHC GROUP: Net Loss Balloons to $132.60 Million in December
ERICKSON INC: Files November Operating Report
*********
CHC GROUP: Net Loss Balloons to $132.60 Million in December
-----------------------------------------------------------
CHC Group Ltd., et al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for December 2016.
The Debtors suffered a net loss of $132.60 million on $71.61
million of revenue in December, a huge increase from $51.60 million
net loss posted in November.
The Debtors' balance sheet for the month recorded total assets of
$2.72 billion, total current liabilities of $370.33 million, total
non-current liabilities of $3.44 billion, convertible preferred
shares of $643.97 million, and total shareholders' deficit of $1.73
billion.
The Debtors had $142.51 million cash at the start of the
month. They listed $76.06 million in total receipts and $76.62
million in total disbursements. Disbursements include $11.95
million in professional & UST fees. Taking into account $530,732
in revaluation of non-USD cash balances, the Debtors had
$141.41 million cash at month end.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/eKMhgO
About CHC Group Ltd.
Headquartered in Irving, Texas, CHC Group Ltd. (OTC PINK: HELIQ) is
a global commercial helicopter services company primarily servicing
the offshore oil and gas industry. CHC maintains bases on six
continents with major operations in the North Sea, Brazil,
Australia, and several locations across Africa, Eastern Europe, and
South East Asia. CHC maintains a fleet of 230 medium and heavy
helicopters, 67 of which are owned by it and the remainder are
leased from various third-party lessors.
CHC Group Ltd. and 42 of its wholly-owned subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 16-31854) on May 5, 2016.
The Debtors hired Weil, Gotshal & Manges LLP as counsel, Debevoise
& Plimpton LLP as special aircraft counsel, PJT Partners LP as
investment banker, Seabury Corporate Advisors LLC as financial
advisor, CDG Group, LLC, as restructuring advisor, and Kurtzman
Carson Consultants LLC as claims and noticing agent.
The Office of the U.S. Trustee on May 13, 2016, appointed five
creditors of CHC Group Ltd. to serve on the official committee of
unsecured creditors.
The Creditors Committee's attorneys are Marcus A. Helt, Esq., and
Mark C. Moore, at Gardere Wynne Sewell LLP, and Douglas H. Mannal,
Esq., Gregory A. Horowitz, Esq., and Anupama Yerramalli, Esq., at
Kramer Levin Naftalis & Frankel LLP.
Angelo, Gordon & Co. and Cross Ocean Partners, which either hold
claims or manage funds and accounts that hold claims against the
Debtors' estates arising on account of the 9.25% Senior Secured
Notes due 2020 issued under the Indenture, dated as of Oct. 4,
2010, by and among CHC Helicopter S.A., as issuer, each of the
guarantors named therein, HSBC Corporate Trustee Company (UK)
Limited, as collateral agent, and the Bank of New York Mellon, as
indenture trustee, are represented by Jones Day.
ERICKSON INC: Files November Operating Report
---------------------------------------------
Erickson Incorporated, et al., filed with the U.S. Securities and
Exchange Commission its monthly operating report for November
2016.
EAC Acquisition Corporation (EAC) incurred a net loss of $8.79
million on $5.52 million of net revenue in November.
As of November 30, 2016, EAC had $585.43 million in total assets,
$547.05 million in total current liabilities, and $38.38 million in
total stockholders' equity.
EAC listed $5.04 million in total receipts and $22.09
million in total disbursements for November.
Erickson Helicopters, Inc. (EHI) recorded a net profit of $2.23
million on $5.20 million of net revenue for the month.
As of November 30, 2016, EHI had $307.73 million in total assets,
$40.51 million in total current liabilities, and $267.23 million in
total stockholders' equity.
EHI listed $3.57 million in total receipts and $1.06
million in total disbursements for November.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/On8es6
About Erickson
Founded in 1971, Erickson Incorporated --
http://www.ericksoninc.com/
-- is a vertically-integrated manufacturer and operator of the
powerful heavy-lift Erickson S-64 Aircrane helicopter, and is a
leading global provider of aviation services.
Erickson Incorporated, based in Portland, OR, and its affiliates
each filed a Chapter 11 petition (Bankr. N.D. Tex.; Erickson
Incorporated, Case No. 16-34393; Evergreen Helicopters
International, Inc., Case No. 16-34392; EAC Acquisition
Corporation, Case No. 16-34394; Erickson Helicopters, Inc., Case
No. 16-34395; Erickson Transport, Inc., Case No. 16-34396;
Evergreen Equity, Inc., Case No. 16-34397; Evergreen Unmanned
Systems, Inc., Case No. 16-34398) on Nov. 8, 2016. The Hon.
Barbara J. Houser presides over the cases. In its petition,
Erickson estimated $942.8 million in assets and $881.5 million in
liabilities.
The Debtors have hired Haynes and Boone, LLP as counsel; Imperial
Capital LLC, as investment banker; Alvarez & Marsal as financial
and restructuring advisor; and Kurtzman Carson Consultants as
claims and noticing agent.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2017. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***