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Great Slave Helicopters Ltd. Announces Commencement of Restructuring Proceedings Under the Companies' Creditors Arrangement Act and Pending Sale and Investment Solicitation Process

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Great Slave Helicopters Ltd. Announces Commencement of Restructuring Proceedings Under the Companies' Creditors Arrangement Act and Pending Sale and Investment Solicitation Process

Canada NewsWire

YELLOWKNIFE, Sept. 4, 2018 /CNW/ - On September 4, 2018, Great Slave Helicopters Ltd. (the "Company") was granted protection under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an order (the "Initial Order") of the Ontario Superior Court of Justice ("Court").  Pursuant to the Initial Order, KSV Kofman Inc. was appointed as the CCAA monitor ("Monitor").  The principal purpose of the CCAA proceedings is to allow the Company to conduct a Court-supervised sale and investment solicitation process ("SISP").  Subject to Court approval, the Monitor will be leading the SISP, which is intended to explore all options, including going concern bids and investment proposals.

The Company's parent, 10671541 Canada Inc., and two affiliates, Air Tindi Ltd. ("ATL") and Discovery Mining Services Ltd. ("DMS"), have not filed for CCAA protection, although each has the benefit of a limited stay of proceedings to prevent creditor actions against them as a result of the Company's filing for CCAA protection.  ATL and DMS continue to operate in the normal course and are otherwise unaffected by the Company's CCAA proceedings.

The CCAA proceedings will allow the Company to operate in a stabilized environment while the Monitor carries out the SISP.  Subject to Court approval, the SISP will commence shortly. 

A copy of the Court materials filed in the Company's CCAA proceedings, including the Initial Order, is available on the Monitor's website at www.ksvadvisory.com/insolvency-cases/great-slave-helicopters.    

About Great Slave Helicopters Ltd.

The Company 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.

SOURCE Great Slave Helicopters Ltd.

View original content: http://www.newswire.ca/en/releases/archive/September2018/04/c2373.html

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