Great Slave Helicopters enters CCAA protection
September 6, 2018 By Helicopters Staff
Great Slave Helicopters Ltd. on September 4 entered bankruptcy protection under the Companies’ Creditors Arrangement Act (CCAA) through an order of the Ontario Superior Court of Justice. The parent company, and two affiliates in Air Tindi Ltd. and Discovery Mining Services Ltd., have not filed for CCAA protection.
Under the CCAA proceedings, Great Slave Helicopters is conducting a court-supervised sale and investment solicitation process (SISP). Subject to court approval, KSV Kofman is monitoring the SISP, which is intended to explore all options, including going concern bids and investment proposals.
While not filing for CCAA protection, Air Tindi and Discovery Mining did receive a limited stay of proceedings to prevent creditor actions against them as a result of the Great Slave Helicopters CCAA order.
Great Slave Helicopters is one of the largest onshore helicopter operators in Canada and conducts operations through most parts of western and northern Canada as well as internationally. The company’s main base of operations is in Yellowknife, Northwest Territories.