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SEC Filings

8-K
BRISTOW GROUP INC filed this Form 8-K on 11/14/2018
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ABL facilities agreement amendment request letter

 

  (ii)

a composition, compromise, assignment or arrangement with any creditor or group of creditors in anticipation of financial difficulties of the Parent or any Restricted Subsidiary;

 

  (iii)

the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of the Parent, any Restricted Subsidiary or any of their respective assets; or

 

  (iv)

enforcement of any Security over any assets of any Borrower in respect of Financial Indebtedness exceeding USD 10,000,000,

or any analogous procedure or step is taken in any jurisdiction (other than in relation to any Unrestricted Subsidiary).

 

  (b)

Clause 28.7(a) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement or any solvent liquidation, dissolution, merger or similar action in relation to any member of the Group (excluding any Unrestricted Subsidiary) which is not an Obligor.”

 

  (j)

Clause 28.8 (Creditors’ process) of the Facilities Agreement shall be deleted and replaced with the following:

“28.8    Creditors’ process

Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of the Parent or any Restricted Subsidiary having an aggregate value of:

 

  (a)

USD 50,000,000 in the case of the Parent or any Restricted Subsidiary; or

 

  (b)

USD 10,000,000 in the case of the Borrowers,

and, in each case, is not discharged within 21 days.”

 

  (k)

Clause 28.12 (Expropriation) of the Facilities Agreement shall be deleted and replaced with the following:

“28.12    Expropriation

The authority or ability of the Parent or any Restricted Subsidiary to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person, in the event that the assets or value of the business the subject of such action have an aggregate value in excess of:

 

  (a)

USD 50,000,000 in the case of the Parent and its Restricted Subsidiaries; or

 

  (b)

USD 10,000,000 in the case of the Borrowers.”

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