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    NEWS | Great Slave Helicopters
    #restructuring

    Great Slave Helicopters Sale and Restructuring


    Canadian helicopter operator Great Slave Helicopters has begun a restructuring process after its parent company Discovery Air entered bankruptcy protection in April 2018

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    Great Slave Helicopters Sale and Restructuring


    Great Slave Helicopters, September 17, 2018 - YELLOWKNIFE - On September 4, 2018, Great Slave Helicopters Ltd ("GSH") was granted protection under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an order (the "Initial Order") of the Ontario Superior Court of Justice.

    Pursuant to the Initial Order, KSV Kofman Inc. was appointed as the CCAA monitor.

    The principal purpose of the CCAA proceedings is to allow the Company to conduct a Court-supervised sale and investment solicitation process ("SISP"). Subject to Court approval, the Monitor will be leading the SISP, which is intended to explore all options, including going concern bids and investment proposals.

    The Company's parent, 10671541 Canada Inc., and two affiliates, Air Tindi Ltd. ("ATL") and Discovery Mining Services Ltd. ("DMS"), have not filed for CCAA protection, although each has the benefit of a limited stay of proceedings to prevent creditor actions against them as a result of the Company's filing for CCAA protection. ATL and DMS continue to operate in the normal course and are otherwise unaffected by the Company's CCAA proceedings.

    The CCAA proceedings will allow the Company to operate in a stabilized environment while the Monitor carries out the SISP. Subject to Court approval, the SISP will commence shortly.

    A copy of the Court materials filed in the Company's CCAA proceedings, including the Initial Order, is available on the Monitor's website at www.ksvadvisory.com/insolvency-cases/great-slave-helicopters.

    Approval of sale and investment solicitation process

    On September 14, 2018, the Court granted an order (the "SISP Order") approving a sale and investment solicitation process for the solicitation of offers to purchase of some or all of GSH's business or assets or to invest in GSH. Pursuant to the SISP Order, the Monitor will conduct and oversee the SISP.

    Under the SISP, interested parties must submit qualified bids by no later than 5:00 p.m. (Toronto Time) on October 17, 2018. It is expected that Court approval of the final transactions will be sought shortly after the acceptance of the successful bid or bids and that closing will occur no later than November 23, 2018.

    A copy of the SISP Order and other Court materials and information related to GSH's CCAA proceedings is available on the Monitor's website at www.ksvadvisory.com/insolvency-cases/great-slave-helicopters.

    About Great Slave Helicopters Ltd: GSH is one of the largest onshore helicopter operators in Canada and conducts operations through most parts of western and northern Canada as well as internationally. GSH's main base of operations is in Yellowknife, Northwest Territories.


    This article is listed in :
    Great Slave Helicopters
    --Helicopters Markets & Finance

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