RLC

Summary

Chief Restructuring Officer

Broussard, LA

Provider of helicopter transportation services to, from, and among offshore oil facilities in the Gulf of Mexico as well as holding the necessary FAA certifications to provide helicopter maintenance services to third parties. It operates smaller, short-range helicopters that serve shallow water oil rigs operated by oil and gas exploration and production companies, generally within 100 miles of the shoreline.

CMA professionals were retained by the counsel to the lender group to assume the role of Restructuring Advisor (“RA”) to work with the company and its management team with the objective to improve communications and garner support from its lender group, assist in the development and implementation of necessary business changes intended to yield positive operating results and liquidity given the current level of contracts / revenues, and achieve a satisfactory debt / balance sheet restructuring which supports these goals on a go forward basis.

Key Challenges

Asset Sale

Bankruptcy

Low Liquidity

Engagement Highlights

Phase 1 of the engagement focused on a comprehensive financial and operational assessment of the company to include reviews of overall direction and EBITDA generation, customer contracts, industry outlook and position, asset (helicopter) utilization, profitability trends, fixed and variable cost structure, cash management practices, and a review of the company’s FAA compliance.
Subsequently CMA provided interim restructuring and financial assistance to implement report findings concerning improved systems, cost cutting measures, sale/divestiture of non-core assets and the development of an operating plan of the restructured entity including a new bottoms-up budget to support the plan and contingencies, short and long-term cash flows, staffing levels, a plan to optimize value of the excess assets, and plans for alternative sources of revenue.

RLC

Summary

Chief Restructuring Officer

Key Challenges

Engagement Highlights

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