29 APRIL 2019
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Fears were growing at the weekend over the future of UK regional carrier Eastern Airways after its Texas-based parent company Bristow Group was reported to be facing financial problems.
In a US stock market filing, Bristow warned it may "not be successful in complying with the covenants contained in our debt instruments and lease agreements". It said it had entered into waiver letters with lenders which would allow it to defer interest payments.
The company added it had engaged financial and legal advisers to assist it in, among other things, “analysing various strategic financial alternatives to address our liquidity and capital structure, including strategic financial alternatives to restructure our indebtedness”.
"We and certain of our subsidiaries may elect to implement such a transaction through Chapter 11 of the United States Bankruptcy Code ('Chapter 11') in order to obtain court approval of such transactions and to facilitate the stakeholder approvals necessary.”
Humberside-based Eastern Airways is one of several Bristow subsidiaries. It is listed as having a fleet of 20-plus aircraft including ATR 72-600s, BAe Jetstream 41s, Embraer ERJ145s and Saab 2000s.
It has bases at Aberdeen, Cardiff, Durham Tees Valley, Humberside, Leeds Bradford, Newcastle, Southampton and Wick.
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