Helis In Dubai, Voce Wins Director Fight CHC Restructuring
Alud Davies reports from Helicopter Investor Dubai 2016.
At the start of Helicopter Investor Dubai 2016 we asked all attendees: “How optimistic are you about the helicopter market?”
The results were mixed:
Extremely positive: 9%
Extremely negative: 14%
So, although the doom-mongers edged it with 37%, the conference did not feel as depressing as this particular result suggested.
Oil prices rising above $40 a barrel clearly helped, as this is good news for the helicopter-reliant oil and gas industry, but there is now even talk of a forthcoming helicopter shortage within the next two years – something that no one dared say two months ago.
The general consensus on Iran was that everyone needs to “hurry up and wait.” It will happen but it is five years away from being a big market – and no banks are in a hurry to be the first to lend in the country.
Voce Capital wins seat on Air Methods Board
Voce Capital has won the first round in its fight to take Air Methods private. The activist investor has had its nomination for the board accepted and the company will now have annual elections for positions at the top table.
Influenced by Bain Capital’s acquisition of Air Medical Group, the activist investor argues that Air Methods would work better as a private company.
Seabury advising CHC
CHC has retained Seabury Advisors, PJT Partners, CDG Group and Weil, Gotshal & Manges to advise on restructuring its aircraft leases and balance sheet debt. During its analyst call Karl Fessenden, said: “Our objective is to align the company’s capital structure with the current market dynamics to ensure that we are well-positioned to benefit on the eventual market recovery.”
Finmeccanica rebrands as Leonardo
First AgustaWestland, then Finmeccanica, but from January 2017 the company will be know as Leonardo. This is after the Italian renaissance inventor and painter and not the Teenage Mutant Ninja Turtle.
Leonardo Da Vinci, invented the aerial screw 400 years before the first working helicopters. Igor Sikorsky was the first to build production helicopters.