Solus Alternative Asset Management reduced its stake after securing a Board seat in Bristow Group
M.Cap: $648 million | The company provides helicopter services primarily to integrated oil and gas exploration, development, and production companies in the United States, Brazil, Chile, Colombia, India, Mexico, Spain, and Suriname.
On April 24, 2019, Global Value Investment Corp filed proxy materials nominating four candidates for election to the Board at the 2019 annual meeting of shareholders. It expressed its concerns with the financial performance of the company and the bad decisions regarding the Columbia acquisition which has diluted existing Bristow shareholders by approximately 93%. Also, it disclosed that on April 18, 2019, Global Value Investment Corp issued a public letter demanding the immediate resignation of directors Thomas C. Knudson, Thomas N. Amonett, Lori A. Gobillot, and Biggs C. Porter. It reiterates its demand that Bristow’s board will consider all financing opportunities available before undertaking any prospective debt restructuring, Chapter 11 reorganization, or any other action that in any way further impairs the value of Bristow’s equity. Source
On May 8, 2019, Global Value Investment Corp issued a presentation titled, “Investor’s Case for Change”. In its presentation, it reiterated its concerns and nominated four candidates for election to the Board
On May 11, 2019, the company announced that it has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court. The company intends to use the proceedings to restructure and strengthen its balance sheet.
On May 15, 2019, the company received approval from the U.S. Bankruptcy Court for its First Day motions related to its voluntary Chapter 11 reorganization. Source
On October 31, 2019, the company announced that it has successfully emerged from Chapter 11 bankruptcy protection.
On January 23, 2020 Era entered into the Merger Agreement, pursuant to which a wholly owned subsidiary of Era would merge with and into Bristow, with Bristow continuing as the surviving corporation and direct wholly owned subsidiary of Era. The Merger closed on June 11, 2020. Following the Merger, Era changed its name to Bristow Group Inc., and its common stock remains listed on the NYSE, but under the new ticker symbol “VTOL”.
On June 12, 2020, Christopher Pucillo, Founder of Solus Alternative Asset Management, was appointed to the Board. Solus Alternative Asset Management holds 19.7%. Source
On September 22, 2020, Solus Alternative Asset Management reduced its stake to 17.8%.
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