CHC Group Ltd.’s Successful Reorganization

CHC Group Ltd., and its affiliated debtors (the largest commercial helicopter service provider primarily servicing the oil and gas industry) emerged from Chapter 11 following a multi-day contested confirmation hearing before the United States Bankruptcy Court for the Northern District of Texas.

Kramer Levin represented the Official Committee of Unsecured Creditors. The five members appointed to the Official Committee of Unsecured Creditors were Global Helicopters Pilots Association, Milestone Aviation Group Ltd., Airbus Helicopters (SAS), Delaware Trust Company (as successor to Law Debenture Trust Company) and Sikorsky Commercial Inc. Kramer Levin played a key role in the financial and operational restructuring. Kramer Levin first commenced a comprehensive collateral review investigation into the extent and validity of the secured creditors’ liens and claims. This investigation formed the basis for negotiations among secured and unsecured creditors and ultimately resulted in a plan support agreement among several key parties-in-interest, including the Official Committee of Unsecured Creditors. The confirmed plan of reorganization provides CHC with $300 million of fresh capital, eliminates billions of dollars of prepetition funded debt obligations and other claims, and authorizes CHC to enter into numerous economically advantageous aircraft leases.

The Kramer Levin team included Corporate Restructuring and Bankruptcy partner Douglas Mannal (Picture), special counsel Anupama Yerramalli, associates Yekaterina Chernyak, Rachael Ringer, Alexander J. Nicas, Jennifer R. Sharret, Mark Chass, Philip Michael Guffy, and Priya K. Baranpuria; Litigation partners Gregory Aaron Horowitz and Philip Bentley; Corporate partners Abbe L. Dienstag and David S. Berg, associates Sheri Nentin Graniero, Elaine Lo, Daniel Michaelson, Nathan Hyman and law clerk Agnes Trenche; Tax partner Barry Herzog and associate Rita C. Celebrezze.

 

Involved fees earner: Douglas Mannal – Kramer Levin Naftalis & Frankel LLP; Anupama Yerramalli – Kramer Levin Naftalis & Frankel LLP; Yekaterina Chernyak – Kramer Levin Naftalis & Frankel LLP; Rachael Ringer – Kramer Levin Naftalis & Frankel LLP; Alexander Nicas – Kramer Levin Naftalis & Frankel LLP; Jennifer Sharret – Kramer Levin Naftalis & Frankel LLP; Mark Chass – Kramer Levin Naftalis & Frankel LLP; Philip Michael Guffy – Kramer Levin Naftalis & Frankel LLP; Priya Baranpuria – Kramer Levin Naftalis & Frankel LLP; Gregory Aaron Horowitz – Kramer Levin Naftalis & Frankel LLP; Philip Bentley – Kramer Levin Naftalis & Frankel LLP; Abbe Dienstag – Kramer Levin Naftalis & Frankel LLP; David Berg – Kramer Levin Naftalis & Frankel LLP; Sheri Nentin Graniero – Kramer Levin Naftalis & Frankel LLP; Elaine Lo – Kramer Levin Naftalis & Frankel LLP; Daniel Michaelson – Kramer Levin Naftalis & Frankel LLP; Nathan Hyman – Kramer Levin Naftalis & Frankel LLP; Barry Herzog – Kramer Levin Naftalis & Frankel LLP; Rita Celebrezze – Kramer Levin Naftalis & Frankel LLP;

Law Firms: Kramer Levin Naftalis & Frankel LLP;

Clients: CHC Group Ltd – Official Committee of Unsecured Creditors;

 

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Author: Ambrogio Visconti