Great Slave Helicopters starts restructuring
Canadian helicopter operator Great Slave Helicopters has begun a restructuring process after its parent company entered bankruptcy protection in April 2018.
Great Slave Helicopters is one of the largest onshore helicopter operators in Canada and mainly flies missions across western and northern Canada. The operator’s main base of operations is in Yellowknife, North-western Territories.
The company has been granted protection under the Companies’ Creditors Arrangement Act (CCAA) by the Ontario Superior Court of Justice.
Restructuring and financial advisory firm KSV Kofman has been appointed as CCAA monitor for the proceedings. The firm’s main course of action is to conduct a CCAA-supervised sale and investment solicitation of Great Slave.
KSV Kofman will be exploring all options for the sale, including going-concern bids and investment proposals.
This comes shortly after Great Slave’s parent company Discovery Air was granted creditor protection in March. The company owed around $149 million in secured and unsecured debt at the time of being granted protection – reported CBC news.
At the time, none of the three companies Discovery Air owned had filed for protection. Great Slave is the first and only subsidiary to file.
The two other companies Air Tindi and Discovery Mining Services continue to operate as normal according to a statement by Great Slave Helicopters.
Discovery Air planned to sell its shares in the three companies back but has yet to find a buyer. The initial deadline for bids on the three companies closed on May 21.