CHC Helicopter Group files for bankruptcy protection
May 11, 2016 By CBC News
The parent company of Richmond, B.C.-based CHC Helicopters has filed for Chapter 11 bankruptcy protection in Texas, saying it has been a victim of the dramatic slump in oil prices.
CHC Group said Thursday that weakness in oil prices and uncertainty in the energy market has “led to decreased customer demand and an increase in idle aircraft.”
CHC Group said reorganization under bankruptcy protection is expected to help it strengthen its financial position by reducing long-term debt and allowing it to operate its fleet of aircraft. | READ MORE
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