CHC Helicopter noteholders file appeal of restructuring support order

By Caroline Salls

Pittsburgh, Dec. 27 – An order approving CHC Group Ltd.’s motion to enter into a Chapter 11 plan support agreement, backstop agreement and milestone term sheet was appealed on Dec. 23 by Angelo, Gordon & Co. and Cross Ocean Partners, according to a notice filed with the U.S. Bankruptcy Court for the Northern District of Texas.

The court authorized the company to enter into the agreements in a Dec. 20 order.

The appellants said they either hold claims or manage funds and/or accounts that hold claims against the CHC estates arising on account of the 9¼% senior secured notes due 2020 issued by CHC Helicopter SA.

Based in Richmond, B.C., CHC is a commercial helicopter operator. It filed for Chapter 11 on May 5, 2016 under case number 16-31854.

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