Rotortrade mandated to manage and market Ex-CHC Assets
Rotortrade Services, the independent multi-brand helicopter brokerage service company and exclusive global distributor of Leonardo’s pre-owned helicopters, is proud to announce that it has been retained by Holland & Knight LLP, in its capacity as counsel to the collateral agent under an asset based loan to certain affiliates of CHC Group Ltd. This retention occurred following the commencement of chapter 11 cases by CHC Group Ltd. and its affiliate, CHC Helicopter. This allowed the filing of a motion by CHC Helicopter to abandon its 13 helicopters to the asset based lenders.
Rotortrade Services was retained by Holland & Knight to assist in evaluating the various options available to the lenders in respect to the 13 helicopters which constituted collateral for the asset based loan. The line-up consisted of EC225, AS139, S76C++ and AS332L1 helicopters, with offshore and SAR configurations, located in the UK, Norway, Netherlands, South Africa and Brazil. Under the agreement, Rotortrade Services’ retention provides expertise in developing a comprehensive strategy with respect to the helicopters and assistance in negotiating a resolution to the abandonment motion. Rotortrade is responsible for managing, maintaining and selling the helicopters ultimately abandoned.
The abandoned helicopters consist of four EC225s manufactured from 2007 to 2015, offshore and full SAR mission ready, from brand new 20 factory hours to 8,800 total time. Each of these helicopters is fully airworthy and none are affected by the MGB AD. Optional equipment on these helicopters include emergency floats, extra range capability, dual hoist, infrared camera, anti-ice system and all the latest avionics and navigational equipment with full 4-axis autopilot.
“We are honored to have been chosen by our client,” said Rotortrade Services’ Senior Partner, Raymond Lubrano. “While our main business is to sell aircraft, our core focus is first and foremost on customer satisfaction” making sure we pull out all the stops to provide the best service to our customers. This contract reflects Rotortrade’s unique multi-brand expertise, global reach and extensive industry experience. The entire team is excited to play a leading role in bridging the gap in today’s challenging market environment,” he added.
“We are delighted to have retained Rotortrade Services,” stated Kenneth Noble, a prominent Bankruptcy and Restructuring Partner at Holland & Knight. “Given the nature of this helicopter collateral and the immediate exigencies facing the lenders, we needed a firm with global reach, deep industry expertise and seasoned business judgment. As part of the retention, we conducted an extensive search and a very rigorous and competitive interview process. We felt very confident that Rotortrade Services represented a best-in-class marketing agency for helicopters. Furthermore, they have continued to exceed our high expectations in terms of customer service, market intelligence and active financial guidance and asset management throughout this process.”
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