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April 20, 2017

Kramer Levin Represents UCC in Successful Reorganization of CHC Group

On March 24, 2017, CHC Group Ltd., and its affiliated debtors (the largest commercial helicopter service provider primarily servicing the oil and gas industry) emerged from Chapter 11 following a multi-day contested confirmation hearing before the United States Bankruptcy Court for the Northern District of Texas.

Kramer Levin represented the Official Committee of Unsecured Creditors. The five members appointed to the Official Committee of Unsecured Creditors were Global Helicopters Pilots Association, Milestone Aviation Group Ltd., Airbus Helicopters (SAS), Delaware Trust Company (as successor to Law Debenture Trust Company) and Sikorsky Commercial Inc. Kramer Levin played a key role in the financial and operational restructuring. Kramer Levin first commenced a comprehensive collateral review investigation into the extent and validity of the secured creditors’ liens and claims. This investigation formed the basis for negotiations among secured and unsecured creditors and ultimately resulted in a plan support agreement among several key parties-in-interest, including the Official Committee of Unsecured Creditors. The confirmed plan of reorganization provides CHC with $300 million of fresh capital, eliminates billions of dollars of prepetition funded debt obligations and other claims, and authorizes CHC to enter into numerous economically advantageous aircraft leases.

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