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Bristow Group Files Prepackaged Ch. 11 With $1.7B Debt Load

Law360 (May 13, 2019, 5:52 PM EDT) -- Aviation services company Bristow Group Inc. filed for Chapter 11 on Sunday with $1.7 billion in debt, hoping to follow a tentative framework with creditors that revolves around a $200 million equity offering to secure a quick exit from bankruptcy.

BGI is based in Houston but operates across the world, and primarily provides personnel transport and search and rescue services to oil and gas companies with off-shore operations. The company has about 3,000 employees worldwide and is publicly traded, according to a first-day declaration.

The company said it was hit hard by the years-long drop in oil prices that has forced...

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