CHC Group support agreement, cash collateral order deadlines extended

By Caroline Salls

Pittsburgh, Nov. 28 – CHC Group Ltd. entered into amendments to its plan support agreement, Milestone Aviation Group Ltd. term sheet and backstop agreement, according to an 8-K filed Monday with the Securities and Exchange Commission.

The plan support agreement was amended to adjust the milestone dates to obtain entry of an order approving the support agreement and a final cash collateral order.

Specifically, the support agreement must be approved by the earlier of Dec. 21 and the start of CHC’s disclosure statement hearing, and the cash collateral order must be approved by Dec. 21.

The Milestone term sheet also extends the company’s deadline for obtaining approval of the plan support agreement to Dec. 21, and the backstop amendment extends the deadlines for approval of the support agreement and cash collateral motion to the same dates set by the support agreement amendment.

Based in Richmond, B.C., CHC is a commercial helicopter operator. It filed for Chapter 11 on May 5, 2016 in the U.S. Bankruptcy Court for the Northern District of Texas under case number 16-31854.

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