Beleaguered Bristow Group is facing a challenge to its restructuring plans after loan provider PK AirFinance moved to repossess two dozen helicopters operated by various subsidiaries of the offshore transport specialist.
According to US bankruptcy court documents by GECAS-owned PK AirFinance on 9 August initiated the "enforcement action" related to the rotorcraft.
In all, 24 helicopters are security against loans totalling $230 million between Luxembourg firm PK AirFinance and Bristow Equipment Leasing (BELL), a Cayman Islands-based subsidiary of Bristow Group.
US-headquartered Bristow Group, and subsidiaries including BELL, entered Chapter 11 bankruptcy protection in May to deal with a crippling debt load.
PK AirFinance argues that BELL has missed loan payments and "has not cured all defaults, nor has it agreed to perform all future obligations" under the terms of the financing agreements.
Instead, as part of Bristow Group's financial restructuring under Chapter 11, BELL is proposing to cancel the debt secured by the helicopters and issue a new agreement relating to the aircraft.
Issuing the "demand for possession of aircraft" gives Bristow Group 10 days notice of the action.
The 24 helicopters comprise five Leonardo AW139s, five Sikorsky S-76Ds and 14 S-92s, operated by Bristow Group companies in Australia, Nigeria, Norway and the UK.