Print Page  |  Close Window

SEC Filings

BRISTOW GROUP INC filed this Form 8-K on 11/14/2018
Entire Document
 << Previous Page | Next Page >>

ABL facilities agreement amendment request letter



No Event of Default will occur under this Clause 28.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clause 28.5(a) to Clause 28.5(d) is:



in relation to Material Indebtedness, less than USD 50,000,000 (or its equivalent in any other currency or currencies); or



in relation to Financial Indebtedness of the Borrowers, less than an aggregate amount of USD 10,000,000 (or its equivalent in any other currency or currencies).”



Clause 28.6 (Insolvency) of the Facilities Agreement shall be deleted and replaced with the following:

“28.6    Insolvency



The Parent or any Restricted Subsidiary:



is unable or admits inability to pay its debts as they fall due;



is deemed to, or is declared to, be unable to pay its debts under applicable law;



suspends or threatens to suspend making payments on any of its debts; or



by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.



The value of the assets of the Parent or any Restricted Subsidiary is less than its liabilities (taking into account contingent and prospective liabilities).



A moratorium is declared in respect of any Financial Indebtedness of any Borrower or any Material Indebtedness, in each case exceeding the applicable thresholds for such Financial Indebtedness in Clause 28.5(e). If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.”



Clause 28.7 (Insolvency proceedings) of the Facilities Agreement shall be deleted and replaced with the following:

28.7    Insolvency proceedings



Any corporate action, legal proceedings or other procedure or step is taken in relation to:



the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Parent or any Restricted Subsidiary;

 << Previous Page | Next Page >>