Things don't look good at Bristow:
HOUSTON, Feb. 11, 2019 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS) and Columbia Helicopters, Inc. today announced that Bristow and Columbia have mutually agreed to terminate Bristow's agreement to acquire Columbia. In connection with the termination, Bristow has paid $20 million to Columbia. Bristow, Columbia and Columbia's shareholders have agreed to release each other from all claims in connection with the purchase agreement and the related transactions.
On February 11, 2019, the Company disclosed that it “did not have adequate monitoring control processes in place related to non-financial covenants within certain of its secured financing and lease agreements.” The same day, the Company announced that it had terminated its agreement to purchase Columbia Helicopters, Inc. On this news, the Company’s share price fell $1.22 per share, or nearly 40%, to close at $1.84 per share on February 12, 2019, on unusually heavy trading volume.
I wonder whether the UK side of Bristow will be able to continue to pay the annual extra £12m into the pension fund to make good the remaining deficit by July 2022 as planned. Worrying times.
The helicopter pilots' mantra: If it hasn't gone wrong then it's just about to...