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Bristow plan unanimously accepted by eight voting creditor classes
By Caroline Salls
Pittsburgh, Sept. 30 – Bristow Group Inc.’s plan of reorganization was unanimously accepted by eight of 10 voting creditor classes, according to a ballot report filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.
Specifically, the plan was accepted by all 17 holders of $29.66 million in 2019 term loan facility claims, the three holders of $246.31 million in PK Air credit facility and MAG lease claims against Bristow Group, the one holder of $13.95 million in PK Air credit facility and MAG lease claims against Bristow U.S. LLC, the three holders of $254.22 million in PK Air credit facility and MAG lease claims against BriLog Leasing Ltd., both holders of $232.36 million in PK Air credit facility and MAG lease claims against Bristow Equipment Leasing Ltd., all six holders of $14.99 million in general unsecured claims against Bristow Group, all five holders of $64.64 million in general unsecured claims against Bristow U.S. and the one holder of $2.75 million in general unsecured claims against BriLog Leasing.
A total of 102 holders, or 99.02% in number, of $304.74 million, or 99.98% in amount, of secured notes claims voted to accept the plan, while one holder, or 0.98% in number, of $50,000, or 0.02% in amount, of those claims voted to reject it.
In addition, 280 holders, or 91.5% in number, of $427.58 million, or 97.09% in amount, of unsecured notes claims voted to accept the plan, while 26 holders, or 8.5% in number, of $12.8 million, or 2.91% in amount, of those claims voted to reject it.
The plan confirmation hearing is scheduled for Oct. 3.
Bristow is a Houston-based offshore transportation services provider to the oil and gas industry that filed bankruptcy on May 11. The Chapter 11 case number is 19-32713.
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