UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): | January 20, 2017 |
CHC GROUP LTD.
(Exact name of registrant as specified in its charter)
Cayman Islands | 001-36261 | 98-0587405 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
190 Elgin Avenue George Town, KY1-9005 Cayman Islands | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (604) 276-7500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
As previously reported, on May 5, 2016, CHC Group Ltd. (the “Company”), and certain of its subsidiaries, affiliates and related parties (together with the Company, the “Debtors”) filed voluntary petitions in the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”), seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”).
On January 20, 2017, the Debtors filed their monthly operating report for the month ended December 31, 2016 (the “December Monthly Operating Report”) with the Bankruptcy Court. The December Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This current report (including the exhibits hereto or any information included therein) shall not be deemed an admission as to the materiality of any information required to be disclosed solely by reason of Regulation FD.
Limitation on Incorporation by Reference
The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
Cautionary Statement Regarding Financial and Operating Data
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the December Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Company cannot predict what the ultimate value of any of its securities may be and it remains too early to determine whether holders of any such securities will receive any distribution in the Debtors’ reorganization. In particular, in most cases under Chapter 11 of the Bankruptcy Code, holders of equity securities receive little or no recovery of value from their investment. The December Monthly Operating Report is limited in scope, cover a limited time period and have been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The December Monthly Operating Report was not audited or reviewed by independent accountants, are in a format prescribed by applicable bankruptcy laws and regulations and are subject to future adjustment and reconciliation. Therefore, the December Monthly Operating Report does not necessarily contain all information required in filings pursuant to the Exchange Act, or may present such information differently from such requirements. There can be no assurance that, from the perspective of an investor or potential investor in the Debtors’ securities, the December Monthly Operating Report is complete. The December Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the December Monthly Operating Report should not be viewed as indicative of future results.
Cautionary Note Regarding Forward-Looking Statements
This Form 8-K, accompanying exhibit(s), and other statements that we may make, contain forward-looking statements. Forward-looking statements are statements that are not historical facts and include statements about our expectations for the timing and execution of our restructuring plan, our future financial condition and future business plans and expectations, the effect of, and our expectations with respect to, the operation of our business, adequacy of financial resources and commitments and operating expectations during the pendency of our court proceedings. Such forward-looking statements are based upon the current beliefs and expectations of our management, but are subject to risks and uncertainties, which could cause actual results and/or the timing of events to differ materially from those set forth in the forward-looking statements, including, among others: we filed for protection under Chapter 11 of the United States Bankruptcy Code and are subject to risks and uncertainties; operating under Chapter 11 may restrict our ability to pursue our business strategies; our employees face considerable uncertainty due to the Chapter 11 proceedings; we may suffer from a protracted restructuring; our ability to emerge from Chapter 11 and operate profitably thereafter will depend on increasing our revenue, lowering our costs, and obtaining sufficient financing or other capital to operate successfully; we have substantial liquidity needs and, due to our current Chapter 11 proceedings, may not be able to obtain any equity or debt financings in the capital market for the foreseeable future; we may be subject to claims that will not be discharged in the Chapter 11 proceedings; our restructuring efforts through the Chapter 11 proceedings may be expensive, take resources and distract management; we are in the process of rejecting and abandoning a significant portion of our helicopter fleet through the Chapter 11 proceedings, which may result in an inability to quickly respond to new opportunities and a significant loss of market share and profit margins; our consolidated financial statements have been prepared assuming that we will continue as a going concern, our independent registered public accounting firm has raised substantial doubts about our ability to continue as a going concern, and we have not included any adjustments that might result from the outcome of this uncertainty; we have a history of net losses; our substantial level of indebtedness, operating lease commitments, purchase and other commitments could materially adversely affect our ability to fulfill our obligations under our debt agreements, our ability to react to changes in our business and our ability to incur additional debt to fund future needs; all flights with the aircraft type H225 and AS332 L2 have been temporarily grounded which may cause a material and adverse impact to our financial viability; operating helicopters involves a degree of inherent risk and we are exposed to the risk of losses from safety incidents; if we are unable to mitigate potential losses through a robust safety management and insurance coverage program, our financial condition would be jeopardized in the event of a safety or other hazardous incident; failure to maintain standards of acceptable safety performance could have an adverse impact on our ability to attract and retain customers and could adversely impact our reputation, operations and financial performance; our operations are largely dependent upon the level of activity in the offshore oil and gas industry; the oil and gas industries on which we are largely dependent are suffering through a severe downturn, resulting in significant negative impact on demand for our services, and no assurance can be given that the downturn will not continue to be prolonged; many of the markets in which we operate are highly competitive, and if we are unable to effectively compete, it may result in a loss of market share or a decrease in revenue or profit margins; we rely on a limited number of large offshore helicopter support contracts with a limited number of customers. If any of these are terminated early or not renewed, our revenues could decline; negative publicity may adversely impact us; our fixed operating expenses and long-term contracts with customers could adversely affect our business under certain circumstances; we depend on a small number of helicopter manufacturers and any safety issues can severely limit our ability to continue operating helicopters already in our fleet; we depend on a limited number of third-party suppliers for helicopter parts and subcontract services; restructuring of our operations and organizational structure may lead to significant costs; our business requires substantial capital expenditures, lease and working capital financing, which we are currently blocked from accessing through the capital markets and banks. Any further deterioration of current industry or business conditions, the capital and banking markets or a prolonged period in Chapter 11 proceedings generally could adversely impact our business, financial condition and results of operations; we rely on the secondary used helicopter market to dispose of our older helicopters and parts due to our ongoing fleet modernization efforts; our operations are subject to extensive regulations which could increase our costs and adversely affect us; our MRO business, Heli-One, could suffer if licenses issued by OEMs and/or governmental authorities are not renewed or we cannot obtain additional licenses; we derive significant revenue from non-wholly owned variable interest entities. If we are unable to maintain good relations with the other owners of such non-wholly owned entities, our business, financial condition or results of operations could be adversely affected; our operations may suffer due to political, regulatory, commercial and economic uncertainty; our business in countries with a history of corruption and transactions with foreign governments increases the compliance risks associated with our international activities; we are subject to extensive federal, state, local and foreign environmental, health and safety laws, rules, regulations and ordinances that could have an adverse impact on our business; we are subject to many different forms of taxation in various jurisdictions throughout the world, which could lead to disagreements with tax authorities regarding the application of tax laws; the offshore helicopter services industry is cyclical; we are exposed to foreign currency risks; our failure to hedge exposure to fluctuations in foreign currency exchange rates effectively could unfavorably affect our financial performance; we are exposed to credit risks; our customers may seek to shift risk to us; if oil and gas companies undertake cost reduction methods, there may be an adverse effect on our business; reductions in spending on helicopter services by government agencies could lead to modifications of SAR and EMS contract terms or delays in receiving payments, which could adversely impact our business, financial condition and results of operations; failure to develop or implement new technologies and disruption to our systems could affect our results of operations; we rely on information technology, and if we are unable to protect against service interruptions, data corruption, cyber-based attacks or network security breaches, our operations could be disrupted and our business could be negatively affected; the loss of key personnel could affect our growth and future success; labor problems could adversely affect us; if the assets in our defined benefit pension plans are not sufficient to meet the plans’ obligations, we could be required to make substantial cash contributions and our liquidity could be adversely affected; adverse results of legal proceedings could materially and adversely affect our business, financial condition or results of operations; in the event we are or become treated as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes, our U.S. shareholders could be subject to adverse U.S. federal income tax consequences; we are controlled by a shareholder group, which might have interests that conflict with ours or the interests of our other shareholders; due to our Chapter 11 bankruptcy proceedings, our ordinary shares may have no value and any investment in our shares is highly speculative; the market for our ordinary shares historically has experienced significant price and volume fluctuations; we have not paid dividends on our ordinary shares historically and may not pay any cash dividends on our ordinary shares or preferred shares for the foreseeable future; pursuant to the terms of the preferred shares, which rank senior to our ordinary shares, we are required to pay regular cash dividends or issue shares in respect of amounts accrued as dividends on the preferred shares, and we may be required under certain circumstances to repurchase the preferred shares; we are currently unable to pay such obligations while we are in Chapter 11 proceedings and are likely not to pay any cash dividends for the foreseeable future; our preferred shares have rights, preferences and privileges that are not held by, and are preferential to the rights of, holders of our ordinary shares. Such preferential rights could adversely affect our liquidity and financial condition, and may result in the interests of the holders of our preferred shares differing from those of the holders of our ordinary shares; we are a holding company and, accordingly, are dependent upon distributions from our subsidiaries to generate the funds necessary to meet our financial obligations and pay dividends; the requirements of being a public company may strain our resources and distract our management; provisions of our articles of association and Cayman Islands corporate law may discourage or prevent an acquisition of us which could adversely affect the value of our ordinary shares; our organizational documents contain a variety of anti-takeover provisions that could delay, deter or prevent a change in control; shareholder rights under Cayman Islands law may differ materially from shareholder rights in the United States, which could adversely affect the ability of us and our shareholders to protect our and their interests; as a shareholder, you might have difficulty obtaining or enforcing a judgment against us because we are incorporated under the laws of the Cayman Islands; and our Major Investors, Clayton, Dubilier & Rice and First Reserve Management, L.P. may compete with us, and our articles of association contain a provision that expressly permits our non-employee directors to compete with us; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, as amended, for the year ended April 30, 2016, and the Company’s quarterly reports for the periods ended July 31, 2016 and October 31, 2016. The Company’s filings with the Securities and Exchange Commission are available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. No assurances can be given that our efforts to effectively reorganize under Chapter 11 of the Bankruptcy Code will ultimately be successful or that we will succeed in strengthening our balance sheet or increase our financial flexibility. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 | December 2016 Monthly Operating Report |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHC Group Ltd. | ||
Dated: January 23, 2017 | By: | /s/ Hooman Yazhari |
Name: Hooman Yazhari | ||
Title: Senior Vice President, Legal and Administration |
Exhibit Index
Exhibit No. | Description | |
99.1 | December 2016 Monthly Operating Report |
Exhibit 99.1
Monthly Operating Report | |
ACCRUAL BASIS |
CASE NAME: | CHC Group Ltd., et al. |
CASE NUMBER: | 16-31854 (jointly administered) |
JUDGE: | Barbara J. Houser |
UNITED STATES BANKRUPTCY COURT
NORTHERN & EASTERN DISTRICTS OF TEXAS
REGION 6
MONTHLY OPERATING REPORT
MONTH ENDING: | December | 2016 | |
MONTH | YEAR |
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE.
DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY: | ||
/s/ Lee Eckert |
Chief Financial Officer | |
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | TITLE | |
Lee Eckert | 1/20/2017 | |
PRINTED NAME OF RESPONSIBLE PARTY | DATE | |
PREPARER: | ||
/s/ Melanie Kerr | Chief Accounting Officer | |
ORIGINAL SIGNATURE OF PREPARER | TITLE | |
Melanie Kerr | 1/20/2017 | |
PRINTED NAME OF PREPARER | DATE |
Case 16-31854 (Jointly Administered) | 1 |
GENERAL NOTES:
• | This monthly operating report has been filed on a consolidated basis for CHC Group Ltd. [Case No. 16-31854], 6922767 Holding SARL [Case No. 16-31855], Capital Aviation Services B.V. [Case No. 16-31856], CHC Cayman ABL Borrower Ltd. [Case No. 16-31857], CHC Cayman ABL Holdings Ltd. [Case No. 16-31858], CHC Cayman Investments I Ltd. [Case No. 16-31859], CHC Den Helder B.V. [Case No. 16-31860], CHC Global Operations (2008) ULC [Case No. 16-31862], CHC Global Operations Canada (2008) ULC [Case No. 16-31870], CHC Global Operations International ULC [Case No. 16-31879], CHC Helicopter (1) S.a.r.l [Case No. 16-31892], CHC Helicopter (2) S.a.r.l. [Case No. 16-31895], CHC Helicopter (3) S.a.r.l. [Case No. 16-31878], CHC Helicopter (4) S.a.r.l. [Case No. 16-31882], CHC Helicopter (5) S.a.r.l. [Case No. 16-31890], CHC Helicopter Australia Pty. Ltd [Case No. 16-31872], CHC Helicopter Holding S.a.r.l. [Case No. 16-31875], CHC Helicopter S.A. [Case No. 16-31863], CHC Helicopters (Barbados) Limited [Case No. 16-31865], CHC Helicopters (Barbados) SRL [Case No. 16-31867], CHC Holding (UK) Limited [Case No. 16-31868], CHC Holding NL B.V. [Case No. 16-31874], CHC Hoofddorp B.V. [Case No. 16-31861], CHC Leasing (Ireland) Limited [Case No. 16-31864], CHC Netherlands B.V. [Case No. 16-31866], CHC Norway Acquisition Co AS [Case No. 16-31869], Heli-One (Netherlands) B.V. [Case No. 16-31871], Heli-One (Norway) AS [Case No. 16-31876], Heli-One (U.S.) Inc. [Case No. 16-31881], Heli-One (UK) Limited [Case No. 16-31888], Heli-One Canada ULC [Case No. 16-31893], Heli-One Holdings (UK) Limited [Case No. 16-31894], Heli-One Leasing (Norway) AS [Case No. 16-31886], Heli-One Leasing ULC [Case No. 16-31891], Heli-One USA Inc. [Case No. 16-31853], Heliworld Leasing Limited [Case No. 16-31889], Integra Leasing AS [Case No. 16-31885], Lloyd Bass Strait Helicopters Pty. Ltd. [Case No. 16-31883], Lloyd Helicopter Services Limited [Case No. 16-31873], Lloyd Helicopter Services Pty. Ltd. [Case No. 16-31877], Lloyd Helicopters International Pty. Ltd. [Case No. 16-31880], Lloyd Helicopters Pty. Ltd. [Case No. 16-31884], Management Aviation Limited [Case No. 16-31887] (collectively, the “Debtors”). On May 5, 2016, each of the Debtors filed a voluntary petition with the United States Bankruptcy Court for the Northern District of Texas for reorganization relief under chapter 11 of title 11 of the United States Code. The cases were consolidated for procedural purposes only under Case No. 16-31854. |
• | The Debtors use a centralized cash management system. See the Cash Management Motion filed on May 5, 2016 [Docket No. 11], as well as the Final Cash Management Order entered on January 6, 2017 [Docket No. 1453] for a full description of the Debtors’ cash management system. The Final Cash Management Order also contains a list of the ten interim orders entered between May 5, 2016 and January 6, 2017 authorizing the Debtors to continue using their cash management system. |
• | For financial reporting purposes, the Debtors generally prepare consolidated financial statements. On May 31, 2016, Schedules of Assets and Liabilities and the Statement of Financial Affairs (“Schedules and Statements”) were filed for CHC Cayman Investments I Ltd. Separate Schedules and Statements were filed for each of the remaining Debtors on July 5, 2016. On October 7, 2016, Debtors CHC Group Ltd. and Heli-One Canada ULC filed amended Schedules of Assets and Liability at Docket Nos. 936 and 937, respectively. Each Debtor’s Schedules and Statements were prepared using the assets and liabilities of that Debtor pursuant to the Debtor’s accounting records. For purposes of this monthly operating report, however, the financial statements are presented as consolidated. |
• | The Monthly Operating Report (“MOR”) is not meant to be relied upon as a complete description of the Debtors, their businesses or condition (financial or otherwise), or their results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this MOR. This MOR is not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with the previously filed financial statements and accompanying notes in the Company’s annual and quarterly reports that are filed with the United States Securities and Exchange Commission. Certain exceptions as listed below are not exhaustive of all non-GAAP compliance: |
◦ | The financial statements are unaudited and will not be subject to audit or review by the Debtor’s external auditors at any time in the future and are subject to change. |
◦ | The MOR does not reflect all normal quarterly adjustments that are generally recorded by the Debtor upon review of major accounts period to the end of each quarterly accounting period. |
◦ | Certain items presented in this MOR are under research and may be accounted for differently in future monthly reports. In particular, the accounting for potential lease rejection claims in accordance with ASC 852. |
◦ | The MOR does not include explanatory footnotes such as disclosures required under GAAP. |
◦ | The MOR is not presented in GAAP-based SEC reporting format. |
• | Pursuant to corporate governance requirements in foreign jurisdictions, certain Debtors have appointed employees as statutory directors. These employees do not receive any supplemental payments on account of such appointment, including director fees. Accordingly, payments to these employees are not included within the scope of the payment to insiders schedule at Accrual Basis - 6. |
Case 16-31854 (Jointly Administered) | 2 |
GENERAL NOTES (CONTINUED):
• | The Debtors secured a $200 million bond over their holdings with Bank of America, and a $20 million bond over their holdings with HSBC, representing the significant majority of the cash in the Debtors’ cash management system. The covered accounts include all of the accounts held by Cayman Investment I Ltd., the Debtors’ central banking entity. The requirements of section 345(b) of the Bankruptcy Code have been waived with respect to all Bank Accounts not held at Bank of America, N.A. or HSBC Bank Canada (see Docket No. 832 and 903). |
Payments made erroneously / before approval from Court (December 2016):
• | Deloitte & Touche LLP Milton Keynes (OCP) - Payment was erroneously made by Heli-One Holdings (UK) Limited’s operating base in Aberdeen, UK for GBP 50,806.80 (USD $62,677.01) in relation to Professional Services provided for November 2016, which pushed the total amount paid to such vendor over the course of the chapter 11 cases to USD $272,150, thus exceeding the court imposed limit of USD $250,000 (the “OCP Cap”) by USD $22,150. Subsequently, a communication has been made to the office in order to avoid any such instance in the future. Deloitte & Touche LLP Milton Keynes will file a monthly fee application for any amounts over the OCP Cap. |
Note: December 31, 2016 noon rates from Bank of Canada have been used to translate foreign exchange transaction above.
Case 16-31854 (Jointly Administered) | 3 |
Monthly Operating Report |
||||||||
ACCRUAL BASIS-1 | ||||||||
CASE NAME: | CHC Group Ltd., et al. | |||||||
CASE NUMBER: | 16-31854 (jointly administered) | |||||||
SEE ATTACHED SCHEDULE | ||||||||
COMPARATIVE BALANCE SHEET | ||||||||
SCHEDULE AMOUNT | MONTH | MONTH | MONTH | |||||
ASSETS | ||||||||
1. | UNRESTRICTED CASH | |||||||
2. | RESTRICTED CASH | |||||||
3. | TOTAL CASH | $0 | $0 | $0 | $0 | |||
4. | ACCOUNTS RECEIVABLE (NET) | |||||||
5. | INVENTORY | |||||||
6. | NOTES RECEIVABLE | |||||||
7. | PREPAID EXPENSES | |||||||
8. | OTHER (ATTACH LIST) | |||||||
9. | TOTAL CURRENT ASSETS | $0 | $0 | $0 | $0 | |||
10. | PROPERTY, PLANT & EQUIPMENT | |||||||
11. | LESS: ACCUMULATED DEPRECIATION/DEPLETION | |||||||
12. | NET PROPERTY, PLANT & EQUIPMENT | $0 | $0 | $0 | $0 | |||
13. | DUE FROM INSIDERS | |||||||
14. | OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) | |||||||
15. | OTHER (ATTACH LIST) | |||||||
16. | TOTAL ASSETS | $0 | $0 | $0 | $0 | |||
POSTPETITION LIABILITIES | ||||||||
17. | ACCOUNTS PAYABLE | |||||||
18. | TAXES PAYABLE | |||||||
19. | NOTES PAYABLE | |||||||
20. | PROFESSIONAL FEES | |||||||
21. | SECURED DEBT | |||||||
22. | OTHER (ATTACH LIST) | |||||||
23. | TOTAL POSTPETITION LIABILITIES | $0 | $0 | $0 | ||||
PREPETITION LIABILITIES | ||||||||
24. | SECURED DEBT | |||||||
25. | PRIORITY DEBT | |||||||
26. | UNSECURED DEBT | |||||||
27. | OTHER (ATTACH LIST) | |||||||
28. | TOTAL PREPETITION LIABILITIES | $0 | $0 | $0 | $0 | |||
29. | TOTAL LIABILITIES | $0 | $0 | $0 | $0 | |||
EQUITY | ||||||||
30. | PREPETITION OWNERS’ EQUITY | |||||||
31. |
POSTPETITION CUMULATIVE PROFIT OR (LOSS) |
|||||||
32. |
DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) |
|||||||
33. | TOTAL EQUITY | $0 | $0 | $0 | ||||
34. | TOTAL LIABILITIES & OWNERS’ EQUITY | $0 | $0 | $0 | ||||
Case 16-31854 (Jointly Administered) | 4 |
CHC Group Ltd., et al. | Monthly Operating Report | ||||||||
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-1 (1 of 3) | ||||||||
Comparative Balance Sheet | DECEMBER 31, 2016 | ||||||||
OCTOBER 31, 2016 |
NOVEMBER 30, 2016 |
DECEMBER 31, 2016 | |||||||
Current Assets | |||||||||
Cash and Cash Equivalents | $ | 164,172,143 | $ | 142,509,764 | $ | 141,414,463 | |||
Receivables - sub ledger | 104,896,141 | 94,622,253 | 73,642,736 | ||||||
Receivables - Other | 18,040,742 | 13,444,398 | 16,812,839 | ||||||
Current intercompany receivables | 829,549,915 | 798,507,923 | 808,613,012 | ||||||
Inventories | 90,283,701 | 87,454,821 | 86,346,066 | ||||||
Prepaid Expenses | 15,350,055 | 13,145,903 | 12,181,796 | ||||||
Income Taxes Receivable | 2,707,562 | 2,707,276 | 2,707,187 | ||||||
Other Assets - Current | 6,272,045 | 6,095,932 | 5,834,483 | ||||||
$ | 1,231,272,304 | $ | 1,158,488,270 | $ | 1,147,552,582 | ||||
Non Current Assets | |||||||||
Restricted Cash | $ | 5,182,005 | $ | 7,275,772 | $ | 7,619,607 | |||
Property & Equipment, net | 699,987,512 | 682,769,368 | 573,404,268 | ||||||
Investments | 738,187,963 | 744,312,732 | 741,380,553 | ||||||
Other Assets-Long Term | 121,722,384 | 119,405,248 | 119,575,480 | ||||||
Long-term intercompany receivables | 47,105,091 | 47,850,747 | 47,442,475 | ||||||
Intangible Assets | 81,409,612 | 81,409,612 | 81,409,611 | ||||||
Total Assets | $ | 2,924,866,871 | $ | 2,841,511,749 | $ | 2,718,384,576 | |||
Liabilities & Shareholders Deficit | |||||||||
Current Liabilities | |||||||||
Payables - sub ledger | $ | 33,099,435 | $ | 28,029,502 | $ | 21,320,719 | |||
Payables - accruals and other | 101,417,074 | 96,334,081 | 107,616,504 | ||||||
Current intercompany payables | 228,574,194 | 203,449,855 | 225,806,412 | ||||||
Deferred Revenue - Current | 15,538,819 | 11,824,912 | 11,953,276 | ||||||
Income Taxes Payable | 655,625 | 809,224 | 668,791 | ||||||
Other Liabilities - Current | 2,482,946 | 3,506,031 | 2,966,616 | ||||||
$ | 381,768,093 | $ | 343,953,605 | $ | 370,332,318 | ||||
Non-Current Liabilities | |||||||||
Deferred Revenue | 7,193,700 | 7,776,253 | 7,546,424 | ||||||
Pre-Petition Liabilities | 3,413,813,686 | 3,447,642,289 | 3,424,301,346 | ||||||
Other Liabilities - Non Current | 3,480,082 | 3,541,969 | 3,677,130 | ||||||
Deferred Income Tax Liabilities | 647,132 | 611,956 | 601,008 | ||||||
$ | 3,425,134,600 | $ | 3,459,572,467 | $ | 3,436,125,908 | ||||
Convertible Preferred Shares | 643,967,652 | 643,967,652 | 643,967,652 | ||||||
Shareholders Deficit | (1,526,003,474 | ) | (1,605,981,975 | ) | (1,732,041,302 | ) | |||
Total Liabilities & Shareholders Deficit | $ | 2,924,866,871 | $ | 2,841,511,749 | $ | 2,718,384,576 |
Case 16-31854 (Jointly Administered) | 5 |
CHC Group Ltd., et al. | Monthly Operating Report | |||||||||
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-1 (2 OF 3) | |||||||||
Balance Sheet Support | DECEMBER 31, 2016 | |||||||||
Other assets | ||||||||||
Current: | OCTOBER 31, 2016 |
NOVEMBER 30, 2016 |
DECEMBER 31, 2016 |
Note: | ||||||
Foreign currency embedded derivatives | $ | 3,489,919 | $ | 3,461,459 | $ | 3,418,807 | (1) | |||
Mobilization costs | 2,782,126 | 2,634,473 | 2,415,676 | |||||||
$ | 6,272,045 | $ | 6,095,932 | $ | 5,834,483 | |||||
Non-current: | ||||||||||
Helicopter operating lease funded residual value guarantees | $ | 4,148,194 | $ | 4,160,379 | $ | 4,172,959 | (2), (13) | |||
Helicopter deposits | 66,169,594 | 66,169,594 | 66,169,594 | (3) | ||||||
Security deposits | 21,578,865 | 20,394,844 | 20,394,844 | (4), (13) | ||||||
Deferred financing costs | 8,796,595 | 8,335,020 | 8,193,093 | (5), (13) | ||||||
Prepaid helicopter rentals | 7,333,990 | 6,534,006 | 6,404,154 | (6), (13) | ||||||
Residual value guarantees | 656,494 | 642,646 | 628,798 | (7), (13) | ||||||
Foreign currency embedded derivatives | 9,907,085 | 10,048,896 | 9,932,358 | (1) | ||||||
Mobilization costs | 292,452 | 111,703 | 44,014 | |||||||
Accrued pension asset | — | 242,128 | 901,470 | |||||||
Pension guarantee assets | 1,547,908 | 1,498,635 | 1,483,292 | |||||||
Other | 1,291,207 | 1,267,397 | 1,250,904 | |||||||
$ | 121,722,384 | $ | 119,405,248 | $ | 119,575,480 | |||||
Other liabilities | ||||||||||
Current: | ||||||||||
Restructuring | $ | 2,107,678 | $ | 3,482,373 | $ | 2,942,958 | (8) | |||
Foreign currency embedded derivatives | $ | 23,658 | $ | 23,658 | $ | 23,658 | (1) | |||
Deposit received | $ | 351,610 | $ | — | $ | — | ||||
$ | 2,482,946 | $ | 3,506,031 | $ | 2,966,616 | |||||
Non-current: | ||||||||||
Accrued pension obligations | 629,217 | 739,260 | 851,625 | |||||||
Other | 2,850,865 | 2,802,709 | 2,825,505 | |||||||
$ | 3,480,082 | $ | 3,541,969 | $ | 3,677,130 | |||||
Pre-petition Liabilities: | ||||||||||
Long term debt and capital lease obligations | $ | 1,682,060,432 | $ | 1,681,245,524 | $ | 1,677,726,410 | (13) | |||
Payables - sub ledger | 33,799,100 | 32,178,581 | 31,160,893 | |||||||
Payables - accruals and other | 748,257,132 | 787,165,388 | 787,069,775 | |||||||
Intercompany payable | 757,525,529 | 767,316,891 | 760,056,120 | (10) | ||||||
Deferred revenue | 52,584,687 | 44,057,432 | 33,709,501 | |||||||
Deferred gains on sale-leasebacks of helicopters | 54,231,502 | 50,963,823 | 49,943,242 | (11), (13) | ||||||
Accrued pension obligation | 32,709,718 | 32,597,639 | 32,535,213 | (12) | ||||||
Residual value guarantees | 4,639,754 | 4,639,754 | 4,639,754 | (9), (13) | ||||||
Contract inducement | 3,289,811 | 3,256,242 | 3,222,672 | |||||||
Income taxes payable | 31,369,509 | 30,874,504 | 30,891,253 | |||||||
Other liabilities | 13,346,512 | 13,346,511 | 13,346,513 | |||||||
$ | 3,413,813,686 | $ | 3,447,642,289 | $ | 3,424,301,346 |
Case 16-31854 (Jointly Administered) | 6 |
CHC Group Ltd., et al. | Monthly Operating Report | |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-1 (3 of 3) | |
Balance Sheet Support | DECEMBER 31, 2016 | |
Explanatory notes on certain balance sheet items: | ||
(1) | The Debtors enter into long-term revenue agreements, which provide for pricing denominated in currencies other than the functional currency of the parties to the contract. This pricing feature was determined to be an embedded derivative which has been bifurcated for valuation and accounting purposes as required under US GAAP. | |
(2) | At the inception of an operating lease the Debtors may provide a loan to the lessor as part of the helicopter lease arrangement, with the recovery of the loan dependent on the helicopter residual value at the end of the lease term. | |
(3) | Helicopter deposits relate to payments made to original equipment manufacturers for the acquisition of new aircraft. | |
(4) | Security deposits are amounts paid in connection with lease agreements and are refundable at the end of the lease term. | |
(5) | Deferred financing costs include the direct costs of arranging lease financing, which are deferred and amortized straight-line over the term of the lease, and deferred financing costs on debt obligations. | |
(6) | Prepaid helicopter rentals relate to advance payments made under operating leases. | |
(7) | At the inception of an operating lease where the Debtors have guaranteed a portion of the helicopter residual values at the end of the lease term, a liability is recognized with a corresponding prepaid rent asset that represents the fair value of the guaranteed helicopter residual. The prepaid rent asset is amortized on a straight-line basis to net loss over the lease term of the related asset and the liability is derecognized at the end of the lease term through settlement or on expiration of the guarantee. | |
(8) |
The Debtors recognize a liability for contractual termination benefits when the liability is both probable and estimable in accordance with ASC 712, Nonretirement Postemployment Benefits. The Debtors recognize a liability at fair value for one-off termination costs associated with an exit or disposal activity in accordance with ASC 420, Exit or Disposal Cost Obligations. The Debtors recognize a liability for excess helicopter operating lease obligations when the Debtors cease using the helicopter permanently in operations. The liability is measured at fair value based on the remaining lease rentals including any contractually required costs including maintenance, adjusted for the effects of any prepaid or deferred items recognized under the lease. This liability is further reduced by estimated sublease rentals that could be reasonably obtained for the helicopter even if the Debtors do not intend to enter to a sublease. | |
(9) | At the inception of an operating lease where the Debtors have guaranteed a portion of the helicopter residual values at the end of the lease term, a liability is recognized with a corresponding prepaid rent asset that represents the fair value of the guaranteed helicopter residual. The prepaid rent asset is amortized on a straight-line basis to net loss over the lease term of the related asset and the liability is derecognized at the end of the lease term through settlement or on expiration of the guarantee. On an ongoing basis an assessment is performed to determine the portion of the residual value guarantees that the Debtors will be liable for and to ensure the appropriate liability has been recorded. | |
(10) | Pre-petition intercompany payables are denominated in several non-USD currencies and have been revalued at the period end rate. | |
(11) | The Debtors may enter into lease transactions whereby the Debtors may sell an owned asset and then lease back that asset. Deferred gains on sale and lease back transactions are amortized over the lease term excepting amounts relating to unresolved lease guarantees. | |
(12) | The Debtors maintain defined benefit pension plans. The cost of defined benefit plans is determined based on independent annual actuarial valuations performed using the projected benefit method prorated on services and management’s estimate of expected plan asset performance, salary escalation and various other factors including expected health care costs, mortality rates, terminations and retirement ages. The funded status of defined benefit pension plans and other post-retirement benefit plans is recognized on the balance sheet. | |
(13) | Lease asset and liability balances for rejected leases which have been approved by the court have been charged to reorganization items. |
Case 16-31854 (Jointly Administered) | 7 |
Monthly Operating Report |
||||||||
ACCRUAL BASIS-2 | ||||||||
CASE NAME: | CHC Group Ltd., et al. | |||||||
CASE NUMBER: | 16-31854 (jointly administered) | |||||||
SEE ATTACHED SCHEDULE | ||||||||
INCOME STATEMENT | ||||||||
SCHEDULE AMOUNT |
MONTH | MONTH | MONTH | |||||
REVENUES | ||||||||
1. | GROSS REVENUES | |||||||
2. | LESS: RETURNS & DISCOUNTS | |||||||
3. | NET REVENUE | $0 | $0 | $0 | $0 | |||
COST OF GOODS SOLD | ||||||||
4. | MATERIAL | |||||||
5. | DIRECT LABOUR | |||||||
6. | DIRECT OVERHEAD | |||||||
7. | TOTAL COST OF GOODS SOLD | $0 | $0 | $0 | $0 | |||
8. | GROSS PROFIT | $0 | $0 | $0 | $0 | |||
OPERATING EXPENSES | ||||||||
9. | OFFICER / INSIDER COMPENSATION | |||||||
10. | SELLING & MARKETING | |||||||
11. | GENERAL & ADMINISTRATIVE | |||||||
12. | RENT & LEASE | |||||||
13. | OTHER (ATTACH LIST) | |||||||
14. | TOTAL OPERATING EXPENSES | $0 | $0 | $0 | $0 | |||
15. | INCOME BEFORE NON-OPERATING INCOME & EXPENSE | $0 | $0 | $0 | $0 | |||
OTHER INCOME & EXPENSES | ||||||||
16. | NON-OPERATING INCOME (ATTACH LIST) | |||||||
17. | NON-OPERATING EXPENSE (ATTACH LIST) | |||||||
18. | INTEREST EXPENSE | |||||||
19. | DEPRECIATION / DEPLETION | |||||||
20. | AMORTIZATION | |||||||
21. | OTHER (ATTACH LIST) | |||||||
22. | NET OTHER INCOME & EXPENSES | $0 | $0 | $0 | $0 | |||
REORGANIZATION EXPENSES | ||||||||
23. | PROFESSIONAL FEES | |||||||
24. | U.S. TRUSTEE FEES | |||||||
25. | OTHER (ATTACH LIST) | |||||||
26. | TOTAL REORGANIZATION EXPENSES | $0 | $0 | $0 | $0 | |||
27. | INCOME TAX | |||||||
28. | NET PROFIT (LOSS) | $0 | $0 | $0 | $0 | |||
Case 16-31854 (Jointly Administered) | 8 |
CHC Group Ltd., et al. | Monthly Operating Report | |||||||||
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-2 | |||||||||
Income Statement | DECEMBER 31, 2016 | |||||||||
OCTOBER 31, 2016 |
NOVEMBER 30, 2016 |
DECEMBER 31, 2016 |
Note: | |||||||
Revenue | $ | 71,195,197 | $ | 67,852,918 | $ | 71,611,767 | ||||
Operating Expenses | ||||||||||
Direct costs | $ | (64,337,628 | ) | $ | (58,919,614 | ) | $ | (65,299,563 | ) | |
Earnings (loss) from equity accounted investees | (2,533 | ) | (2,790 | ) | (2,884 | ) | ||||
General and administration costs | (3,727,851 | ) | (3,461,897 | ) | (1,521,868 | ) | ||||
Amortization | (16,320,347 | ) | (8,948,782 | ) | (8,537,550 | ) | ||||
Restructuring costs | 4,401,231 | (2,424,671 | ) | (1,159,200 | ) | (1) | ||||
Asset impairment | (2,690,864 | ) | — | — | (6) | |||||
Gain (loss) on disposal of assets | (332,400 | ) | 19,954 | (75,332 | ) | (2) | ||||
Operating income (loss) | $ | (11,815,195 | ) | $ | (5,884,882 | ) | $ | (4,984,630 | ) | |
Financing charges | (38,392,527 | ) | 1,776,803 | (16,809,000 | ) | (3) | ||||
Reorganization items, net | ||||||||||
Professional fees | $ | (9,428,131 | ) | $ | (10,965,498 | ) | $ | (8,593,762 | ) | (4) |
U.S. trustee fees | 12,000 | (73,000 | ) | (73,000 | ) | |||||
Other (Adjustments to Allowed Claims, debt valuation) | (18,849,129 | ) | (36,057,725 | ) | (101,767,120 | ) | (5) | |||
Loss before income tax | $ | (78,472,982 | ) | $ | (51,204,302 | ) | $ | (132,227,512 | ) | |
Income tax expense | (1,129,782 | ) | (399,464 | ) | (370,397 | ) | ||||
Net loss | $ | (79,602,764 | ) | $ | (51,603,766 | ) | $ | (132,597,909 | ) |
Notes:
(1) | Restructuring costs include provision for employee and excess helicopter operating lease obligations. These are estimated costs and adjustments to these estimates are reflected in our income statement. |
(2) | Relates to disposal of assets in the ordinary course of operations. |
(3) | Includes foreign exchange gain (loss). |
(4) | Professional fee accruals were $22.1 million at December 31, 2016 |
(5) | Other adjustments include adjustments to lease related balances for court approved lease rejections including our estimated allowed claim on these leases. |
(6) | Relates to impairment of an aircraft held for use. |
Case 16-31854 (Jointly Administered) | 9 |
Monthly Operating Report |
||||||||
ACCRUAL BASIS-3 | ||||||||
CASE NAME: | CHC Group Ltd., et al. | |||||||
CASE NUMBER: | 16-31854 (jointly administered) | |||||||
SEE ATTACHED SCHEDULE | ||||||||
CASH RECEIPTS AND DISBURSEMENTS | MONTH | MONTH | MONTH | QUARTER | ||||
1. | CASH - BEGINNING OF MONTH | $0 | $0 | $0 | ||||
RECEIPTS FROM OPERATIONS | ||||||||
2. | CASH SALES | $0 | ||||||
COLLECTION OF ACCOUNTS RECEIVABLE | ||||||||
3. | PREPETITION | $0 | ||||||
4. | POSTPETITION | $0 | ||||||
5. | TOTAL OPERATING RECEIPTS | $0 | $0 | $0 | $0 | |||
NON-OPERATING RECEIPTS | ||||||||
6. | LOANS & ADVANCES (ATTACH LIST) | $0 | ||||||
7. | SALE OF ASSETS | $0 | ||||||
8. | OTHER (ATTACH LIST) | $0 | ||||||
9. | TOTAL NON-OPERATING RECEIPTS | $0 | $0 | $0 | $0 | |||
10. | TOTAL RECEIPTS | $0 | $0 | $0 | $0 | |||
11. | TOTAL CASH AVAILABLE | $0 | $0 | $0 | ||||
OPERATING DISBURSEMENTS | ||||||||
12. | NET PAYROLL | $0 | ||||||
13. | PAYROLL TAXES PAID | $0 | ||||||
14. | SALES, USE & OTHER TAXES PAID | $0 | ||||||
15. | SECURED / RENTAL / LEASES | $0 | ||||||
16. | UTILITIES | $0 | ||||||
17. | INSURANCE | $0 | ||||||
18. | INVENTORY PURCHASES | $0 | ||||||
19. | VEHICLE EXPENSES | $0 | ||||||
20. | TRAVEL | $0 | ||||||
21. | ENTERTAINMENT | $0 | ||||||
22. | REPAIRS & MAINTENANCE | $0 | ||||||
23. | SUPPLIES | $0 | ||||||
24. | ADVERTISING | $0 | ||||||
25. | OTHER (ATTACH LIST) | $0 | ||||||
26. | TOTAL OPERATING DISBURSEMENTS | $0 | $0 | $0 | $0 | |||
REORGANIZATION EXPENSES | ||||||||
27. | PROFESSIONAL FEES | $0 | ||||||
28. | U.S. TRUSTEE FEES | $0 | ||||||
29. | OTHER (ATTACH LIST) | $0 | ||||||
30. | TOTAL REORGANIZATION EXPENSES | $0 | $0 | $0 | $0 | |||
31. | TOTAL DISBURSEMENTS | $0 | $0 | $0 | $0 | |||
32. | NET CASH FLOW | $0 | $0 | $0 | $0 | |||
33. | CASH - END OF MONTH | $0 | $0 | $0 | ||||
Case 16-31854 (Jointly Administered) | 10 |
CHC Group Ltd., et al. | Monthly Operating Report | |||||||||
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-3 (1 of 2) | |||||||||
Cash Flow Statement | DECEMBER 31, 2016 | |||||||||
OCTOBER 31, 2016 |
NOVEMBER 30, 2016 |
DECEMBER 31, 2016 |
Note: | |||||||
Beginning Cash | $ | 178,247,193 | $ | 164,172,143 | $ | 142,509,764 | ||||
Total Cash Receipts | 70,803,798 | 73,375,268 | 76,057,839 | |||||||
Disbursements | ||||||||||
Aircraft Leases | 7,125,010 | 18,677,340 | 10,982,512 | (1) | ||||||
Airport Fees | 130,110 | 403,474 | 186,538 | |||||||
Benefits | 1,171,344 | 1,085,604 | 570,045 | |||||||
Building & PPE | 739,475 | 1,051,805 | 694,219 | |||||||
Freight / Customs | 1,196,246 | 1,511,514 | 1,272,040 | |||||||
Fuel | 472,138 | 619,187 | 390,534 | |||||||
Information Technology | 651,809 | 780,704 | 996,890 | |||||||
Insurance | — | 3,030,881 | 19,668 | |||||||
OEM | 16,950,901 | 16,168,975 | 19,047,079 | |||||||
Other expenses | 7,536,603 | 6,302,948 | 7,402,130 | |||||||
Payroll | 10,000,282 | 9,769,338 | 10,123,607 | |||||||
Pension | 387,831 | 575,899 | 1,010,768 | |||||||
Professional and UST fees | 7,303,705 | 9,477,596 | 11,953,376 | |||||||
Disbursements to Non-Filers | 22,864,017 | 16,130,855 | 5,860,854 | (2) | ||||||
Indirect and payroll taxes | 6,069,852 | 7,096,031 | 4,271,021 | |||||||
Training | 829,606 | 588,850 | 484,805 | |||||||
Travel | 997,541 | 1,082,437 | 1,356,322 | (3) | ||||||
Total Disbursements | 84,426,470 | 94,353,438 | 76,622,408 | |||||||
Net Cash Flow | (13,622,672 | ) | (20,978,170 | ) | (564,569 | ) | ||||
Revaluation of non-USD cash balances | (452,378 | ) | (684,209 | ) | (530,732 | ) | ||||
Closing Balance | $ | 164,172,143 | $ | 142,509,764 | $ | 141,414,463 |
Notes:
(1) | Lease payment in respect of aircraft SN 31444 paid in error via BNP Paribas SACE retention account in May 2016, recovered in June 2016. Lease payment in respect of aircraft SN 920150 SE Helicopter (12) LLC Exim and EDC, paid in error via Wilmington Trust EXIM retention account on June 20, 2016. Management is seeking recovery of this amount. |
(2) | The Debtors use a centralized cash management system. See the Cash Management Motion filed on May 5, 2016 [Docket No. 11], as well as the Final Cash Management Order entered on January 6, 2017 [Docket No. 1453] for a full description of the Debtors’ cash management system. The Final Cash Management Order also contains a list of the ten interim orders entered between May 5, 2016 and January 6, 2017 authorizing the Debtors to continue using their cash management system. Under this system, the Debtors’ business is structured to engage in transactions between Debtor and non-Debtor entities within the CHC Group. These payments were made to certain non-Debtor entities in the post-petition period under these orders. |
(3) | Travel costs include (a) expenses related to crew and support team relocations, lodging and meals; (b) corporate travel related to Senior Level Management traveling to the various operating locations around the world. |
Case 16-31854 (Jointly Administered) | 11 |
CHC Group Ltd., et al. | Monthly Operating Report | ||||||||||||||||||
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-3 (2 of 2) | ||||||||||||||||||
Consolidated Debtor Statement of Receipts and Disbursements | DECEMBER 31, 2016 | ||||||||||||||||||
OCTOBER 31, 2016 | NOVEMBER 30, 2016 | DECEMBER 31, 2016 | |||||||||||||||||
Case Number | Legal Entity | Receipts | Disbursements | Receipts | Disbursements | Receipts | Disbursements | ||||||||||||
16-31854 | CHC Group Ltd. | $ | — | $ | 7,540,284 | $ | — | $ | 9,721,653 | $ | — | $ | 11,917,692 | ||||||
16-31855 | 6922767 Holding SARL | — | 7,938 | — | 3,394 | — | 971 | ||||||||||||
16-31856 | Capital Aviation Services B.V. | 6,502,746 | 115,234 | 3,844,468 | — | 6,304,561 | 80,446 | ||||||||||||
16-31857 | CHC Cayman ABL Borrower Ltd. | — | 199 | — | 542 | — | 196 | ||||||||||||
16-31858 | CHC Cayman ABL Holdings Ltd. | — | 95 | — | 96 | — | 95 | ||||||||||||
16-31859 | CHC Cayman Investments I Ltd. | 21,935,609 | 28,503,815 | 22,812,035 | 34,359,405 | 7,653,398 | 11,713,409 | ||||||||||||
16-31860 | CHC Den Helder B.V. | 2,401,674 | 371 | 1,447,463 | 145 | 1,768,280 | 186 | ||||||||||||
16-31862 | CHC Global Operations (2008) ULC | 2,355,441 | 2,173,508 | 16,472 | 2,233,095 | 693,534 | 2,490,335 | ||||||||||||
16-31870 | CHC Global Operations Canada (2008) ULC | 1,618,282 | 406,957 | 1,550,298 | 272,664 | 2,674,666 | 202,567 | ||||||||||||
16-31879 | CHC Global Operations International ULC | 265,119 | 572,992 | 2,622,111 | 1,350,428 | 6,767,201 | 528,419 | ||||||||||||
16-31892 | CHC Helicopter (1) S.a r.l. | — | 377 | — | 408 | — | 30 | ||||||||||||
16-31895 | CHC Helicopter (2) S.a r.l. | — | 377 | — | 408 | — | 30 | ||||||||||||
16-31878 | CHC Helicopter (3) S.a r.l. | — | 377 | — | 408 | — | 30 | ||||||||||||
16-31882 | CHC Helicopter (4) S.a r.l. | — | 377 | — | 408 | — | 30 | ||||||||||||
16-31890 | CHC Helicopter (5) S.a r.l. | — | 377 | — | 408 | — | 30 | ||||||||||||
16-31872 | CHC Helicopter Australia Pty. Ltd. | 11,796,115 | 10,886,169 | 13,358,814 | 10,202,841 | 16,032,876 | 9,204,538 | ||||||||||||
16-31875 | CHC Helicopter Holding S.a r.l. | — | 10,042 | — | 60,164 | 7,476 | 6,633 | ||||||||||||
16-31863 | CHC Helicopter S.A. | — | 40,019 | — | 22,419 | — | 46,291 | ||||||||||||
16-31865 | CHC Helicopters (Barbados) Limited | — | 1,371 | — | 12,280 | — | 491 | ||||||||||||
16-31867 | CHC Helicopters (Barbados) SRL | 2,410 | 63,911 | — | 100,457 | — | 44,095 | ||||||||||||
16-31868 | CHC Holding (UK) Limited | 2,065,526 | 66,219 | 971,830 | 11,011 | 1,698,803 | 24,956 | ||||||||||||
16-31874 | CHC Holding NL B.V. | — | 296 | — | 333 | — | 200 | ||||||||||||
16-31861 | CHC Hoofddorp B.V. | 12,454 | 266,909 | — | 150,123 | — | 125,820 | ||||||||||||
16-31864 | CHC Leasing (Ireland) Limited | — | 85,053 | — | 322,752 | — | 62,973 | ||||||||||||
16-31866 | CHC Netherlands B.V. | — | 361 | — | 423 | — | 207 | ||||||||||||
16-31869 | CHC Norway Acquisition Co AS | — | 7,906 | 12,845 | — | — | 292 | ||||||||||||
16-31871 | Heli-One (Netherlands) B.V. | — | 470,321 | — | 712,542 | — | 786,752 | ||||||||||||
16-31876 | Heli-One (Norway) AS | 3,934,696 | 26,197,942 | 5,866,794 | 20,252,349 | 10,926,990 | 30,580,486 | ||||||||||||
16-31881 | Heli-One (US) Inc. (DE) | — | 94 | — | 94 | — | 94 | ||||||||||||
16-31888 | Heli-One (UK) Limited | — | 108,733 | — | 58,192 | — | 98,509 | ||||||||||||
16-31893 | Heli-One Canada ULC | 964,173 | 6,352,689 | 932,399 | 14,390,243 | 2,731,850 | 8,529,964 | ||||||||||||
16-31894 | Heli-One Holdings (UK) Limited | — | 106,494 | 133,313 | 24,698 | — | 145,203 | ||||||||||||
16-31886 | Heli-One Leasing (Norway) AS | 3,251 | 1,572 | 460,967 | — | 50 | 11,240 | ||||||||||||
16-31891 | Heli-One Leasing ULC | — | 2,906 | — | 964 | — | 739 | ||||||||||||
16-31853 | Heli-One USA Inc. (TX) | — | 93 | — | 93 | — | 94 | ||||||||||||
16-31889 | Heliworld Leasing Limited | 659,097 | 53,786 | 1,330,054 | 87,999 | 58,477 | 14,128 | ||||||||||||
16-31885 | Integra Leasing AS | 16,287,205 | 380,310 | 18,015,404 | — | 18,739,678 | 4,246 | ||||||||||||
16-31883 | Lloyd Bass Strait Helicopters Pty. Ltd. | — | — | — | — | — | — | ||||||||||||
16-31873 | Lloyd Helicopter Services Limited | — | — | — | — | — | — | ||||||||||||
16-31877 | Lloyd Helicopters International Pty. Ltd. | — | — | — | — | — | — | ||||||||||||
16-31880 | Lloyd Helicopters International Pty. Ltd. | — | — | — | — | — | — | ||||||||||||
16-31884 | Lloyd Helicopters Pty. Ltd. | — | — | — | — | — | — | ||||||||||||
16-31887 | Management Aviation Limited | — | — | — | — | — | — | ||||||||||||
Rounding | — | (4 | ) | 1 | (1 | ) | (1 | ) | (9 | ) | |||||||||
Total | $ | 70,803,798 | $ | 84,426,470 | $ | 73,375,268 | $ | 94,353,438 | $ | 76,057,839 | $ | 76,622,408 |
Case 16-31854 (Jointly Administered) | 12 |
Monthly Operating Report |
|||||||||||||||||||
ACCRUAL BASIS-4 | |||||||||||||||||||
CASE NAME: | CHC Group Ltd., et al. | ||||||||||||||||||
CASE NUMBER: | 16-31854 (jointly administered) | ||||||||||||||||||
ACCOUNTS RECEIVABLE AGING | SCHEDULE AMOUNT |
October 2016 | November 2016 |
December 2016 |
|||||||||||||||
1. | 0-30 | $ | 65,872,169 | $ | 68,914,804 | $ | 47,999,898 | ||||||||||||
2. | 31-60 | 20,811,347 | 12,457,576 | 15,737,391 | |||||||||||||||
3. | 61-90 | 6,327,823 | 6,010,435 | 5,560,926 | |||||||||||||||
4. | 91+ | 14,482,265 | 10,163,099 | 6,866,257 | |||||||||||||||
5. | TOTAL ACCOUNTS RECEIVABLE | $0 | 107,493,604 | 97,545,914 | 76,164,472 | ||||||||||||||
6. | AMOUNT CONSIDERED UNCOLLECTIBLE | (2,597,463 | ) | (2,923,661 | ) | (2,521,736 | ) | ||||||||||||
7. | ACCOUNTS RECEIVABLE (NET) | $0 | $ | 104,896,141 | $ | 94,622,253 | $ | 73,642,736 | |||||||||||
AGING OF POSTPETITION TAXES AND PAYABLES | MONTH: | December 2016 | |||||||||||||||||
TAXES PAYABLE |
0-30 DAYS |
31-60 DAYS |
61-90 DAYS |
91+ DAYS |
TOTAL | ||||||||||||||
1. | FEDERAL | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
2. | STATE | — | — | — | — | — | |||||||||||||
3. | LOCAL | (4,562,416 | ) | — | — | — | (4,562,416 | ) | |||||||||||
4. | WITHHOLDING | (1,118,143 | ) | (1,117,423 | ) | — | — | (2,235,566 | ) | ||||||||||
5. | REAL PROPERTY | (12,578 | ) | — | — | — | (12,578 | ) | |||||||||||
6. | TOTAL TAXES PAYABLE | $ | (5,693,137 | ) | $ | (1,117,423 | ) | $ | 0 | $ | 0 | $ | (6,810,560 | ) | |||||
7. | ACCOUNTS PAYABLE | $ | (10,983,970 | ) | $ | (4,429,496 | ) | $ | (2,056,083 | ) | $ | (3,851,170 | ) | $ | (21,320,719 | ) | |||
STATUS OF POSTPETITION TAXES | MONTH: | December 2016 | |||||||||||||||||
FEDERAL | BEGINNING TAX LIABILITY |
AMOUNT WITHHELD AND/OR ACCRUED |
AMOUNT PAID |
ENDING TAX LIABILITY |
|||||||||||||||
1. | WITHHOLDING | $ | — | $ | — | $ | — | $ | — | ||||||||||
2. | FICA-EMPLOYEE | — | — | — | — | ||||||||||||||
3. | FICA-EMPLOYER | — | — | — | — | ||||||||||||||
4. | UNEMPLOYMENT | — | — | — | — | ||||||||||||||
5. | INCOME | — | — | — | — | ||||||||||||||
6. | OTHER (ATTACH LIST) | — | — | — | — | ||||||||||||||
7. | TOTAL FEDERAL TAXES | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
STATE AND LOCAL | |||||||||||||||||||
8. | WITHHOLDING | $ | (1,561,987 | ) | $ | (2,383,473 | ) | $ | 1,709,894 | $ | (2,235,566 | ) | |||||||
9. | SALES | — | — | — | — | ||||||||||||||
10. | EXCISE | — | — | — | — | ||||||||||||||
11. | UNEMPLOYMENT | — | — | — | — | ||||||||||||||
12. | REAL PROPERTY | (12,619 | ) | (60,025 | ) | 60,066 | (12,578 | ) | |||||||||||
13. | PERSONAL PROPERTY | — | — | — | — | ||||||||||||||
14. | OTHER (SEE BELOW) | (4,038,376 | ) | (4,624,524 | ) | 4,100,484 | (4,562,416 | ) | |||||||||||
15. | TOTAL STATE AND LOCAL | (5,612,982 | ) | (7,068,022 | ) | 5,870,444 | (6,810,560 | ) | |||||||||||
16. | TOTAL TAXES | $ | (5,612,982 | ) | $ | (7,068,022 | ) | $ | 5,870,444 | $ | (6,810,560 | ) | |||||||
14. | Other - This relates to foreign withholding and sales taxes for non-U.S. filers. |
Case 16-31854 (Jointly Administered) | 13 |
Monthly Operating Report |
||||||||||
ACCRUAL BASIS-5 | ||||||||||
CASE NAME: | CHC Group Ltd., et al. | |||||||||
CASE NUMBER: | 16-31854 (jointly administered) | |||||||||
MONTH: | December 2016 | |||||||||
SEE ATTACHED SCHEDULE | ||||||||||
BANK RECONCILIATIONS | Account #1 | Account #2 | Account #3 | |||||||
A. | BANK: | TOTAL | ||||||||
B. | ACCOUNT NUMBER: | |||||||||
C. | PURPOSE (TYPE): | |||||||||
1. | BALANCE PER BANK STATEMENT | $0 | ||||||||
2. | ADD: TOTAL DEPOSITS NOT CREDITED | $0 | ||||||||
3. | SUBTRACT: OUTSTANDING CHEQUES | $0 | ||||||||
4. | OTHER RECONCILING ITEMS | $0 | ||||||||
5. | MONTH END BALANCE PER BOOKS | $0 | $0 | $0 | $0 | |||||
6. | NUMBER OF CHEQUE LAST WRITTEN | $0 | ||||||||
INVESTMENT ACCOUNTS | ||||||||||
BANK, ACCOUNT NAME & NUMBER | DATE OF PURCHASE |
TYPE OF INSTRUMENT |
PURCHASE PRICE |
CURRENT VALUE |
||||||
7. | ||||||||||
8. | Not applicable | |||||||||
9. | ||||||||||
10. | ||||||||||
11. | TOTAL INVESTMENTS | $0 | $0 | |||||||
CASH | ||||||||||
12. | CURRENCY ON HAND | $0 | ||||||||
13. | TOTAL CASH - END OF MONTH | $ | 141,414,463 | |||||||
Case 16-31854 (Jointly Administered) | 14 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
1 | 6922767 Holding S.à.r.l. - Zug Branch | Credit Suisse | Chequing | USD | 4724 | 1083 | 594 | 594 | 594 | ||||
2 | 6922767 Holding S.à.r.l. - Zug Branch | Credit Suisse | Chequing | CHF | 4721 | 1081 | 2,291 | 2,291 | 2,254 | ||||
3 | 6922767 Holding Sarl | Bank of America, N.A. (London) | Chequing | EUR | 3043 | 1064 | 1,893 | 1,893 | 1,997 | ||||
4 | 6922767 Holding Sarl | ING Luxembourg SA | Chequing | EUR | 0000 | 1075 | (99 | ) | (99 | ) | (105 | ) | |
5 | 6922767 Holding Sarl | Bank of America, N.A. (London) | Chequing | USD | 3027 | 1058 | 5,539 | 5,539 | 5,539 | ||||
6 | 6922767 Holding Sarl - Branch 4 | Bank of America, N.A. (London) | Chequing | EUR | 3069 | 1064 | 5,275 | 5,275 | 5,567 | ||||
7 | 6922767 Holding Sarl - Branch 4 | Bank of America, N.A. (London) | Chequing | USD | 3077 | 1058 | 2,008 | 2,008 | 2,008 | ||||
8 | Branch office of CHC Global Operations International ULC in the Republic of Kazakhstan | ATF Bank | Chequing | USD | 3705 | 1051 | 10,901 | 10,901 | 10,901 | ||||
9 | Branch office of CHC Global Operations International ULC. in the Republic of Kazakhstan | ATF Bank | Chequing | KZT | 0821 | 1050 | 26,731,331 | 27,597,172 | 80,114 | ||||
10 | Capital Aviation Services B.V. | Bank of America, N.A. (London) | Chequing | EUR | 8038 | 1028 | 2,219 | 2,219 | 2,342 | ||||
11 | Capital Aviation Services B.V. | Bank of America, N.A. (London) | Chequing | USD | 8012 | 1005 | 28,752 | 28,752 | 28,752 | ||||
12 | CHC Cayman ABL Borrower Ltd | Bank of America, N.A. (London) | Chequing | USD | 0028 | 1058 | 3,204 | 3,204 | 3,204 | ||||
13 | CHC Cayman ABL Borrower Ltd | Bank of America, N.A. (London) | Chequing | EUR | 0010 | 1064 | 140 | 140 | 148 | ||||
14 | CHC Cayman ABL Holdings Ltd | Bank of America, N.A. (London) | Chequing | USD | 4011 | 1058 | 763 | 763 | 763 | ||||
15 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | GBP | 1047 | 1061 | 296 | 296 | 365 | ||||
16 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | AUD | 1071 | 1035 | — | — | 74 | ||||
17 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | CAD | 1063 | 1055 | 75,054 | 75,054 | 55,898 | ||||
18 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | EUR | 1055 | 1064 | 2,901,702 | 2,901,702 | 3,062,056 | ||||
19 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | NOK | 1039 | 1066 | 145,237 | 145,237 | 16,863 | ||||
20 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | USD | 1021 | 1059 | 7,053,464 | 7,053,464 | 7,053,464 | ||||
21 | CHC Cayman Investments I Ltd | Bank of America, N.A. (London) | Chequing | USD | 1013 | 1058 | 92,472,180 | 92,472,180 | 92,472,180 |
Case 16-31854 (Jointly Administered) | 15 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
22 | CHC Den Helder BV | Bank of America, N.A. (London) | Chequing | EUR | 4016 | 1026 | 351,935 | 351,935 | 371,383 | ||||
23 | CHC Global Operations (2008) ULC | HSBC Bank Canada | Chequing | CAD | 2001 | 1021 | 251,038 | 267,209 | 186,965 | ||||
24 | CHC Global Operations (2008) ULC | HSBC Bank Canada | Chequing | USD | 2070 | 1022 | 473,451 | 523,439 | 473,451 | ||||
25 | CHC Global Operations Canada (2008) ULC | Standard Bank | Chequing | TZS | 7455 | 1050 | — | — | — | ||||
26 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | USD | 3111 | 1005 | 4,097 | 4,097 | 4,097 | ||||
27 | CHC Global Operations Canada (2008) ULC | Standard Bank | Chequing | USD | 1011 | 1005 | 3,560,804 | 3,560,804 | 3,560,804 | ||||
28 | CHC Global Operations Canada (2008) ULC | Standard Bank | Chequing | NAD | 5854 | 1096 | 38,483 | 38,483 | 2,807 | ||||
29 | CHC Global Operations Canada (2008) ULC | HSBC Bank Canada | Chequing | USD | 0070 | 1022 | 239,352 | 239,352 | 239,352 | ||||
30 | CHC Global Operations Canada (2008) ULC | Standard Bank | Chequing | MZN | 1003 | 1050 | 387,326 | 387,834 | 5,422 | ||||
31 | CHC Global Operations Canada (2008) ULC | HSBC Bank Canada | Chequing | CAD | 0001 | 1021 | 180,812 | 188,582 | 134,663 | ||||
32 | CHC Global Operations Canada (2008) ULC re EG Branch | Societe Generale (Equatorial Guinea) | Chequing | XAF | 0183 | 1051 | 11,974,148 | 12,326,619 | 19,198 | ||||
33 | CHC Global Operations Canada (2008) ULC re EG Branch | Societe Generale (Equatorial Guinea) | Chequing | XAF | 0154 | 1050 | 82,160,664 | 85,751,443 | 131,866 | ||||
34 | CHC Global Operations International Inc | BICI Gabon | Chequing | XAF | 8605 | 1023 | 107,539,731 | 107,539,731 | 172,386 | ||||
35 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8111 | 1005 | 3,251 | 3,251 | 3,251 | ||||
36 | CHC Global Operations International ULC | Ecobank Benin | Chequing | XOF | 8801 | 1050 | 18,196,151 | 18,196,151 | 29,132 | ||||
37 | CHC Global Operations International ULC | HSBC Bank Canada | Chequing | CAD | 9001 | 1021 | 238,119 | 238,119 | 177,343 | ||||
38 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | EUR | 8129 | 1025 | 68 | 68 | 72 | ||||
39 | CHC Global Operations International ULC | HSBC Bank Canada | Chequing | USD | 9070 | 1022 | 135,552 | 135,632 | 135,552 | ||||
40 | CHC Global Operations International ULC | UniCredit Tiriac ASA | Chequing | RON | 2000 | 1050 | 64,674 | 64,501 | 14,991 | ||||
41 | CHC Global Operations International ULC | BMCI (Groupe BNP Paribas) | Chequing | MAD | 0296 | 1080 | 7,554 | 7,418 | 747 | ||||
42 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8062 | 1005 | 1,122 | 1,122 | 1,122 | ||||
43 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8070 | 1005 | 13,670 | 13,670 | 13,670 |
Case 16-31854 (Jointly Administered) | 16 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
44 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8096 | 1005 | 4,004 | 4,004 | 4,004 | ||||
45 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | EUR | 8088 | 1025 | — | — | — | ||||
46 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8103 | 1005 | 16,417 | 16,417 | 16,417 | ||||
47 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8054 | 1005 | 205 | 205 | 205 | ||||
48 | CHC Global Operations International ULC | HSBC Bank Canada | Chequing | USD | 9072 | 1022 | 12,205 | 12,205 | 12,205 | ||||
49 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | EUR | 8046 | 1025 | 96,862 | 96,862 | 102,215 | ||||
50 | CHC Global Operations International ULC | Bank of America, N.A. (London) | Chequing | USD | 8020 | 1005 | 3,019 | 8,346 | 3,019 | ||||
51 | CHC Group Ltd. | Bank of America, N.A. (London) | Chequing | USD | 0051 | 1059 | 7,890 | 7,890 | 7,890 | ||||
52 | CHC Group Ltd. | Bank of America, N.A. (USA) | Chequing | USD | 0148 | 1058 | 473,305 | 473,305 | 473,305 | ||||
53 | CHC Helicopter (1) Sarl | ING Luxembourg SA | Chequing | EUR | 3000 | 1075 | 4,249 | 4,249 | 4,483 | ||||
54 | CHC Helicopter (2) Sarl | ING Luxembourg SA | Chequing | EUR | 3000 | 1075 | 4,255 | 4,255 | 4,489 | ||||
55 | CHC Helicopter (3) Sarl | ING Luxembourg SA | Chequing | EUR | 3000 | 1075 | 4,249 | 4,249 | 4,483 | ||||
56 | CHC Helicopter (4) Sarl | ING Luxembourg SA | Chequing | EUR | 3000 | 1075 | 4,249 | 4,249 | 4,483 | ||||
57 | CHC Helicopter (5) Sarl | ING Luxembourg SA | Chequing | EUR | 3000 | 1075 | 4,249 | 4,249 | 4,483 | ||||
58 | CHC Helicopter (Barbados) SRL | Bank of America, N.A. (London) | Chequing | GBP | 5058 | 1061 | 965 | 965 | 1,191 | ||||
59 | CHC Helicopter (Barbados) SRL | Bank of America, N.A. (London) | Chequing | NOK | 5066 | 1066 | 4,284 | 4,284 | 497 | ||||
60 | CHC Helicopter (Barbados) SRL | Bank of America, N.A. (London) | Chequing | EUR | 5040 | 1064 | 12,180 | 12,180 | 12,853 | ||||
61 | CHC Helicopter (Barbados) SRL | RBC | Chequing | USD | 8922 | 1005 | 13,789 | 13,789 | 13,789 | ||||
62 | CHC Helicopter (Barbados) SRL | Bank of America, N.A. (London) | Chequing | USD | 5016 | 1058 | 401 | 402 | 401 | ||||
63 | CHC Helicopter (Barbados) SRL | RBC | Chequing | BBD | 1689 | 1042 | 18,726 | 29,683 | 9,363 | ||||
64 | CHC Helicopter Australia Pty Ltd | HSBC Bank Australia Ltd. | Chequing | AUD | 7002 | 1097 | 17,097 | 17,097 | 12,360 | ||||
65 | CHC Helicopter Australia Pty Ltd | HSBC Bank Australia Ltd. | Chequing | AUD | 7001 | 1024 | 1,488,162 | 1,488,162 | 1,075,861 |
Case 16-31854 (Jointly Administered) | 17 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
66 | CHC Helicopter Australia Pty Ltd | Bank of America, N.A. (London) | Chequing | AUD | 0038 | 1011 | 313 | 313 | 226 | ||||
67 | CHC Helicopter Australia Pty Ltd | HSBC Bank Australia Ltd. | Chequing | USD | 7159 | 1022 | 358,789 | 358,789 | 358,789 | ||||
68 | CHC Helicopter Australia Pty Ltd | Bank of America, N.A. (London) | Chequing | USD | 0012 | 1059 | 13,258 | 13,258 | 13,258 | ||||
69 | CHC Helicopter Holding Sarl | Bank of America, N.A. (London) | Chequing | USD | 4016 | 1059 | 4,033 | 4,033 | 4,033 | ||||
70 | CHC Helicopter Holding Sarl | ING Luxembourg SA | Chequing | EUR | 0000 | 1075 | 242,123 | 242,123 | 255,497 | ||||
71 | CHC Helicopter Holding Sarl | Bank of America, N.A. (London) | Chequing | EUR | 4058 | 1064 | 1,216 | 1,216 | 1,283 | ||||
72 | CHC Helicopter Holding Sarl - Zug Branch | Credit Suisse | Chequing | CHF | 1000 | 1081 | 2,295 | 2,295 | 2,258 | ||||
73 | CHC Helicopter SA | Bank of America, N.A. (USA) | Chequing | USD | 6258 | 1059 | 12,158 | 12,158 | 12,158 | ||||
74 | CHC Helicopter SA | Bank of America, N.A. (London) | Chequing | EUR | 7122 | 1064 | 922 | 922 | 973 | ||||
75 | CHC Helicopter SA | Bank of America, N.A. (London) | Chequing | NOK | 7130 | 1066 | 688 | 688 | 80 | ||||
76 | CHC Helicopter SA | ING Luxembourg SA | Chequing | EUR | 0000 | 1075 | 7,844 | 7,844 | 8,274 | ||||
77 | CHC Helicopter SA | Bank of America, N.A. (London) | Chequing | CAD | 7073 | 1056 | 20,097 | 20,097 | 14,968 | ||||
78 | CHC Helicopter SA | Bank of America, N.A. (London) | Chequing | CAD | 7148 | 1055 | 37 | 37 | 28 | ||||
79 | CHC Helicopter SA | Bank of America, N.A. (USA) | Chequing | GBP | 7114 | 1061 | 160 | 160 | 197 | ||||
80 | CHC Helicopter SA | Bank of America, N.A. (USA) | Chequing | USD | 7106 | 1058 | 213 | 213 | 213 | ||||
81 | CHC Helicopter SA | Bank of America, N.A. (London) | Chequing | EUR | 7049 | 1064 | 3,474 | 3,474 | 3,666 | ||||
82 | CHC Helicopter SA | Bank of America, N.A. (London) | Chequing | USD | 7023 | 1058 | 8,234 | 8,234 | 8,234 | ||||
83 | CHC Helicopter SA - Branch 1 | Bank of America, N.A. (London) | Chequing | USD | 7081 | 1058 | 20,649 | 20,649 | 20,649 | ||||
84 | CHC Helicopter SA - Branch 1 | Bank of America, N.A. (London) | Chequing | EUR | 7099 | 1064 | 509 | 509 | 537 | ||||
85 | CHC Helicopter SA - Branch 3 | Bank of America, N.A. (London) | Chequing | USD | 7065 | 1058 | 3,760 | 3,760 | 3,760 | ||||
86 | CHC Helicopter SA - Zug Financial Branch | Credit Suisse | Chequing | EUR | 2002 | 1082 | 430 | 430 | 454 | ||||
87 | CHC Helicopter SA - Zug Financial Branch | Credit Suisse | Chequing | CHF | 1001 | 1081 | 119,547 | 119,547 | 117,651 |
Case 16-31854 (Jointly Administered) | 18 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
88 | CHC Helicopter SA - Zug Holding Branch | Credit Suisse | Chequing | CHF | 1001 | 1081 | 294,440 | 294,440 | 289,769 | ||||
89 | CHC Helicopter Australia Pty Ltd | ANZ Banking Group | Chequing | AUD | 2002 | none | — | — | — | ||||
90 | CHC Helicopters (Barbados) Limited | Bank of America, N.A. (London) | Chequing | GBP | 5052 | 1061 | 687 | 687 | 848 | ||||
91 | CHC Helicopters (Barbados) Limited | Bank of America, N.A. (London) | Chequing | EUR | 5036 | 1064 | 493 | 493 | 520 | ||||
92 | CHC Helicopters (Barbados) Limited | Bank of America, N.A. (London) | Chequing | NOK | 5028 | 1066 | 53,856 | 53,856 | 6,253 | ||||
93 | CHC Helicopters (Barbados) Limited | Bank of America, N.A. (London) | Chequing | USD | 5010 | 1058 | 3,862 | 3,862 | 3,862 | ||||
94 | CHC Holding (UK) Limited | Bank of America, N.A. (London) | Chequing | EUR | 5107 | 1025 | 146,243 | 146,243 | 154,325 | ||||
95 | CHC Holding (UK) Limited | Bank of America, N.A. (London) | Chequing | GBP | 5074 | 1010 | 239,609 | 239,609 | 295,589 | ||||
96 | CHC Holding (UK) Limited | Bank of America, N.A. (London) | Chequing | USD | 5066 | 1005 | 84,594 | 84,594 | 84,594 | ||||
97 | CHC HOLDING NL B.V. | Bank of America, N.A. (London) | Chequing | EUR | 4012 | 1064 | 3,610 | 3,610 | 3,809 | ||||
98 | CHC HOLDING NL B.V. | Bank of America, N.A. (London) | Chequing | USD | 4020 | 1058 | 3,868 | 3,868 | 3,868 | ||||
99 | CHC Hoofddorp B.V. | Bank of America, N.A. (London) | Chequing | USD | 8039 | 1005 | 5,106 | 5,105 | 5,106 | ||||
100 | CHC Hoofddorp B.V. | Bank of America, N.A. (London) | Chequing | EUR | 8021 | 1028 | 70,640 | 70,640 | 74,543 | ||||
101 | CHC Hoofddorp B.V. | Bank of America, N.A. (London) | Chequing | EUR | 9017 | 1028 | — | — | — | ||||
102 | CHC Leasing (Ireland) DAC | Bank of America, N.A. (London) | Chequing | EUR | 9015 | 1064 | 117,053 | 109,547 | 123,522 | ||||
103 | CHC Leasing (Ireland) DAC | Bank of America, N.A. (London) | Chequing | USD | 9023 | 1058 | 34,020 | 34,019 | 34,020 | ||||
104 | CHC Leasing (Ireland) DAC | Bank of America, N.A. (London) | Chequing | GBP | 9031 | 1061 | 372 | 372 | 459 | ||||
105 | CHC Leasing (Ireland) DAC | Bank of America, N.A. (London) | Chequing | EUR | 3011 | 1065 | — | — | — | ||||
106 | CHC Leasing (Ireland) DAC | Bank of America, N.A. (London) | Chequing | NOK | 9049 | 1066 | 251 | 251 | 29 | ||||
107 | CHC Netherlands B.V. | Bank of America, N.A. (London) | Chequing | USD | 1032 | 1058 | 3,327 | 3,327 | 3,327 | ||||
108 | CHC Netherlands B.V. | Bank of America, N.A. (London) | Chequing | EUR | 1024 | 1028 | 5,926 | 5,926 | 6,254 | ||||
109 | Heli-One (Norway) AS | Nordea | Chequing | GBP | 1077 | 1010 | 343,551 | 318,671 | 423,815 |
Case 16-31854 (Jointly Administered) | 19 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
110 | CHC Norway Acquisition Co AS | Nordea | Chequing | EUR | 7283 | 1025 | 74,643 | 74,354 | 78,768 | ||||
111 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | USD | 3020 | 1005 | 49,520 | 49,520 | 49,520 | ||||
112 | Heli-One (Norway) AS | Nordea | Chequing | USD | 1051 | 1001 | — | — | — | ||||
113 | CHC Norway Acquisition Co AS | Nordea | Chequing | USD | 4422 | 1001 | — | — | — | ||||
114 | CHC Norway Acquisition Co AS | Nordea | Chequing | CAD | 1233 | 1000 | 32,651 | 32,651 | 24,317 | ||||
115 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | EUR | 3012 | 1025 | 26,365 | 26,365 | 27,822 | ||||
116 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | USD | 3096 | 1005 | 8,277 | 8,277 | 8,277 | ||||
117 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | USD | 3103 | 1005 | 5,844 | 5,844 | 5,844 | ||||
118 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | USD | 3062 | 1005 | 6,770 | 6,770 | 6,770 | ||||
119 | CHC Global Operations Canada (2008) ULC | Bank of America, N.A. (London) | Chequing | USD | 3070 | 1005 | 450 | 450 | 450 | ||||
120 | CHC Norway Acquisition Co AS | Nordea | Chequing | GBP | 1085 | 1010 | 4,719 | 5,161 | 5,822 | ||||
121 | CHC Norway Acquisition Co AS | Nordea | Chequing | NOK | 8489 | 1015 | 27,241 | 30,890 | 3,163 | ||||
122 | CHC Norway Acquisition Co AS | Nordea | Chequing | USD | 4150 | 1005 | 13,325 | 38,443 | 13,325 | ||||
123 | CHC Norway Acquisition Co AS | Nordea | Pooling | CAD | 1044 | none | — | — | — | ||||
124 | CHC Norway Acquisition Co AS | Nordea | Pooling | EUR | 7062 | none | — | — | — | ||||
125 | CHC Norway Acquisition Co AS | Nordea | Pooling | GBP | 1312 | none | — | — | — | ||||
126 | CHC Norway Acquisition Co AS | Nordea | Pooling | NOK | 7348 | none | — | — | — | ||||
127 | CHC Norway Acquisition Co AS | Nordea | Pooling | USD | 2144 | none | — | — | — | ||||
128 | CHC Norway Acquisition Co AS | Nordea | Pooling | NOK | 7321 | none | — | — | — | ||||
129 | CHC Norway Acquisition Co AS | Nordea | Pooling | NOK | 7356 | none | — | — | — | ||||
130 | Heli-One (Netherlands) B.V. | Bank of America, N.A. (London) | Chequing | EUR | 9036 | 1028 | — | — | — |
Case 16-31854 (Jointly Administered) | 20 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
131 | Heli-One (Netherlands) B.V. | Bank of America, N.A. (London) | Chequing | USD | 9010 | 1006 | 6,293 | 6,293 | 6,293 | ||||
132 | Heli-One (Netherlands) B.V. | Bank of America, N.A. (London) | Chequing | EUR | 1012 | 1028 | 50,845 | 50,845 | 53,655 | ||||
133 | Heli-One (Norway) AS | Nordea | Pooling | NOK | 7372 | none | — | — | — | ||||
134 | Heli-One (Norway) AS - UK branch | Bank of America, N.A. (London) | Chequing | GBP | 0011 | 1010 | 12,232 | 12,231 | 15,090 | ||||
135 | Heli-One (U.S.) Inc. | Bank of America, N.A. (London) | Chequing | USD | 1013 | 1059 | 10,855 | 13,646 | 10,855 | ||||
136 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | EUR | 3038 | 1065 | 251 | 251 | 265 | ||||
137 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | EUR | 3179 | 1064 | 2,207 | 2,207 | 2,329 | ||||
138 | Heli-One Canada ULC | HSBC Bank Canada | Chequing | CAD | 1001 | 1021 | 18,848 | 18,848 | 14,037 | ||||
139 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | GBP | 3111 | 1061 | 960 | 960 | 1,184 | ||||
140 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | GBP | 3137 | 1061 | 841 | 841 | 1,038 | ||||
141 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | NOK | 3046 | 1067 | 2,018 | 2,018 | 234 | ||||
142 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | CAD | 3088 | 1055 | — | — | — | ||||
143 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | NOK | 3145 | 1066 | 2,467 | 2,467 | 286 | ||||
144 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | EUR | 3054 | 1064 | 5,097 | 5,097 | 5,379 | ||||
145 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | DKK | 3343 | 1068 | 85,668 | 85,668 | 12,161 | ||||
146 | Heli-One Canada ULC | Societe Generale (USA) | Chequing | USD | 3599 | 1006 | 18,716 | 18,716 | 18,716 | ||||
147 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | CAD | 3153 | 1055 | — | — | — | ||||
148 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | CAD | 3096 | 1055 | 95 | 95 | 71 | ||||
149 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | AUD | 3195 | 1035 | 26,918 | 26,918 | 19,461 | ||||
150 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | USD | 3103 | 1058 | 2,189 | 2,189 | 2,189 | ||||
151 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | USD | 3129 | 1059 | 2,890 | 2,890 | 2,890 | ||||
152 | Heli-One Canada ULC | Bank of America, N.A. (London) | Chequing | USD | 3161 | 1058 | 4,622 | 4,622 | 4,622 |
Case 16-31854 (Jointly Administered) | 21 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
153 | Heli-One Canada ULC | HSBC Bank Canada | Chequing | USD | 1070 | 1022 | 26,201 | 26,201 | 26,201 | ||||
154 | Heli-One Canada ULC | HSBC Bank Canada | Chequing | CAD | 7001 | 1021 | 472,413 | 492,158 | 351,838 | ||||
155 | Heli-One Canada ULC | HSBC Bank Canada | Chequing | USD | 7070 | 1022 | 125,599 | 316,308 | 125,599 | ||||
156 | Heli-One Canada ULC | HSBC Bank Canada | Chequing | USD | 3070 | 1022 | 410,219 | 677,192 | 410,219 | ||||
157 | Heli-One Canada ULC | HSBC Bank Canada | Chequing | CAD | 3001 | 1021 | 1,006,711 | 1,619,031 | 749,766 | ||||
158 | Heli-One Holdings (UK) Limited | Bank of America, N.A. (London) | Chequing | GBP | 1033 | 1010 | 11,379 | 11,379 | 14,038 | ||||
159 | Heli-One Leasing (Norway) AS | Nordea | Chequing | USD | 3308 | 1005 | 513,350 | 53,321 | 513,349 | ||||
160 | Heli-One Leasing (Norway) AS | Nordea | Chequing | GBP | 1093 | 1010 | 33 | — | 41 | ||||
161 | Heli-One Leasing (Norway) AS | Nordea | Pooling | NOK | 7380 | none | — | — | — | ||||
162 | Heli-One Leasing (Norway) AS | Nordea | Chequing | EUR | 7256 | 1025 | 290 | 290 | 306 | ||||
163 | Heli-One Leasing (Norway) AS | Nordea | Chequing | NOK | 8351 | 1015 | 36,892 | 36,892 | 4,283 | ||||
164 | Heli-One Leasing (Norway) AS | Nordea | Chequing | USD | 3147 | none | — | — | — | ||||
165 | Heli-One Leasing ULC | Bank of America, N.A. (London) | Chequing | USD | 0015 | 1058 | 18,859 | 18,859 | 18,859 | ||||
166 | Heli-One Leasing ULC | Bank of America, N.A. (London) | Chequing | GBP | 0065 | 1061 | 1,217 | 1,217 | 1,501 | ||||
167 | Heli-One Leasing ULC | HSBC Bank Canada | Chequing | USD | 5070 | 1022 | 51,435 | 51,435 | 51,435 | ||||
168 | Heli-One Leasing ULC | Bank of America, N.A. (London) | Chequing | NOK | 0031 | 1066 | 2,344 | 2,344 | 272 | ||||
169 | Heli-One Leasing ULC | Bank of America, N.A. (London) | Chequing | EUR | 0049 | 1,064 | 6,223 | 6,223 | 6,567 | ||||
170 | Heli-One Leasing ULC | HSBC Bank Canada | Chequing | CAD | 5001 | 1021 | 46,234 | 46,234 | 34,433 | ||||
171 | Heli-One Norway AS | Nordea | Chequing | NOK | 8394 | 1015 | 174,220,722 | 10,625,002 | 1,221,684 | ||||
172 | Heli-One Norway AS | Nordea | Chequing | USD | 3332 | 1005 | 985,671 | 728,228 | 985,668 | ||||
173 | Heli-One Norway AS | Nordea | Chequing | EUR | 7305 | 1025 | 473,983 | 416,836 | 500,175 | ||||
174 | Heli-One Norway AS | Nordea | Chequing | CAD | 1907 | 1000 | 102,131 | 102,131 | 76,064 |
Case 16-31854 (Jointly Administered) | 22 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
175 | Heli-One UK Ltd | Nordea | Chequing | USD | 1768 | 1006 | 78,872 | 78,865 | 78,872 | ||||
176 | Heli-One UK Ltd | Bank of America, N.A. (London) | Chequing | GBP | 4019 | 1010 | 46,229 | 46,229 | 57,030 | ||||
177 | Heli-One USA Inc. | Bank of America, N.A. (London) | Chequing | USD | 2011 | 1058 | 5,647 | 5,647 | 5,647 | ||||
178 | Heliworld Leasing Limited | Bank of America, N.A. (London) | Chequing | USD | 5025 | 1005 | 67,243 | 67,243 | 67,243 | ||||
179 | Heliworld Leasing Limited | Bank of America, N.A. (London) | Chequing | GBP | 5017 | 1010 | 54,311 | 54,311 | 67,000 | ||||
180 | Heliworld Leasing Limited | Bank of America, N.A. (London) | Chequing | EUR | 5033 | 1025 | 18,744 | 18,745 | 19,780 | ||||
181 | Integra Leasing AS | Nordea | Chequing | EUR | 7153 | 1025 | 82,920 | 82,920 | 87,502 | ||||
182 | Integra Leasing AS | Nordea | Chequing | USD | 1764 | 1006 | — | — | — | ||||
183 | Integra Leasing AS | Nordea | Pooling | NOK | 7437 | 1080 | — | — | — | ||||
184 | Integra Leasing AS | Nordea | Chequing | USD | 1625 | 1005 | 92,232 | 92,414 | 92,232 | ||||
185 | Integra Leasing AS | Nordea | Chequing | NOK | 5243 | 1015 | 161,804 | 180,049 | 18,787 | ||||
186 | Lloyd Helicopters Pty Ltd | Bank of America, N.A. (London) | Chequing | EUR | 3031 | 1064 | 801 | 801 | 845 | ||||
187 | Lloyd Helicopters Pty Ltd | Bank of America, N.A. (London) | Chequing | AUD | 3023 | 1035 | 12,846,228 | 12,846,228 | 9,287,129 | ||||
188 | Lloyd Helicopters Pty Ltd | Bank of America, N.A. (London) | Chequing | USD | 3015 | 1058 | 8,174,492 | 8,174,492 | 8,174,491 | ||||
189 | CHC Global Operations (2008) ULC | Imprest | Imprest | USD | none | 1080 | 21,682 | 21,682 | 21,682 | ||||
190 | CHC Global Operations International ULC | Imprest | Imprest | USD | none | 1080 | 16,642 | 16,642 | 16,642 | ||||
191 | Payment in Transit | Imprest | Imprest | USD | none | 1080 | 7,508 | 7,508 | 7,508 | ||||
192 | CHC Global Operations (2008) ULC | Payment in Transit | Payment in transit | USD | none | 1093 | 40 | 40 | 40 | ||||
193 | CHC Holding (UK) Limited | Payment in Transit | Payment in transit | USD | none | 1093 | 270,087 | 270,087 | 270,087 | ||||
194 | Integra Leasing AS | Payment in Transit | Payment in transit | USD | none | 1093 | 3,764,517 | 3,764,517 | 3,764,517 | ||||
195 | Lloyd Helicopters Pty Ltd | Payment in Transit | Payment in transit | USD | none | 1093 | 1,132,402 | 1,132,402 | 1,132,402 | ||||
196 | CHC Global Operations (2008) ULC | Petty Cash | petty cash | USD | none | 1090 | 14,385 | 14,385 | 14,385 |
Case 16-31854 (Jointly Administered) | 23 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account
Type |
Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General ledger balance in US dollars (rounded) |
Notes | |||
197 | CHC Global Operations International ULC-Kazakhstan Branch | Petty Cash | petty cash | USD | none | 1090 | 488 | 488 | 488 | ||||
198 | Heli-One Canada ULC | Petty Cash | petty cash | USD | none | 1090 | 366 | 366 | 366 | ||||
199 | Lloyd Helicopters Pty Ltd | Petty Cash | petty cash | USD | none | 1090 | 149,615 | 149,615 | 149,711 |
Balance per financial statements | $ | 141,414,463 | |||||
(1) The bank account was closed in December 2016.
Case 16-31854 (Jointly Administered) | 24 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-5 |
Bank Reconciliations | DECEMBER 31, 2016 |
No. | Account Owner | Bank | Account Type | Currency | Last
4 Digits of Bank Account |
General
ledger account number |
Balance
per general ledger (Local currency) |
Balance
per bank statement (Local currency) |
General
ledger balance in US dollars (rounded) |
Notes | |||||
1 | CHC Global Operations International Inc. - Kazakhstan Branch | ATF Bank | Restricted | KZT | 0580 | — | 2,400,000 | 2,400,000 | 7,193 | ||||||
2 | CHC Global Operations International Inc. - Kazakhstan Branch | ATF Bank | Restricted | KZT | 0432 | — | 148,000 | 148,000 | 444 | ||||||
3 | CHC Global Operations International Inc. - Kazakhstan Branch | ATF Bank | Restricted | KZT | 0377 | — | 740,000 | 740,000 | 2,218 | ||||||
4 | CHC Global Operations International Inc. - Kazakhstan Branch | ATF Bank | Restricted | KZT | 0309 | — | 150,000 | 150,000 | 450 | ||||||
5 | CHC Global Operations International Inc. - Kazakhstan Branch | ATF Bank | Restricted | KZT | 0246 | — | 441,000 | 441,000 | 1,322 | ||||||
6 | CHC Global Operations International Inc. - Kazakhstan Branch | ATF Bank | Restricted | KZT | 0068 | — | 1,359,000 | 1,359,000 | 4,073 | ||||||
7 | CHC Helicopter Australia Pty Ltd | ANZ Banking Group | Restricted | AUD | 0001 | — | — | — | — | ||||||
8 | Heli-One Canada ULC | HSBC Bank | Restricted | USD | 7071 | — | 3,162,981 | 3,162,981 | 3,162,981 | ||||||
9 | Lloyd Helicopters Pty Ltd. | Commonwealth Bank | Restricted | AUD | 6305 | — | 4,404,889 | 4,404,889 | 3,184,497 | ||||||
10 | RBS re Lombard Leasing Heli One Leasing | RBS | Restricted | USD | 4306 | — | 92 | 92 | 92 | ||||||
11 | Heli-One Norway AS | Nordea | Restricted | NOK | 2785 | — | 10,820,337 | 10,820,337 | 1,256,337 | ||||||
Total restricted cash | $ | 7,619,607 | |||||||||||||
Case 16-31854 (Jointly Administered) | 25 |
Monthly Operating Report | |||||||||||
ACCRUAL BASIS-6 | |||||||||||
CASE NAME: | CHC Group Ltd., et al. | Page 1 of 5 | |||||||||
CASE NUMBER: | 16-31854 (jointly administered) | ||||||||||
MONTH: | December 2016 | ||||||||||
PAYMENTS TO INSIDERS AND PROFESSIONALS | |||||||||||
INSIDERS | |||||||||||
NAME | TYPE OF PAYMENT | AMOUNT PAID |
TOTAL PAID TO DATE |
||||||||
1. | John McKenna | Calendar Q2 Director Fees | $ | — | $ | 75,000 | |||||
2. | William Schrader | Calendar Q2 Director Fees | — | 72,500 | |||||||
3. | William Schrader | BoD Expenses | — | 1,409 | |||||||
4. | William Transier | Calendar Q2 Director Fees | — | 70,000 | |||||||
5. | William Transier | BoD Expenses | — | 948 | |||||||
6. | TOTAL PAYMENTS TO INSIDERS | $ | — | $ | 219,857 | ||||||
Refer also to general notes regarding employees appointed as statutory directors. |
PROFESSIONALS | ||||||||||||
NAME | DATE OF COURT ORDER AUTHORIZING PAYMENT |
AMOUNT APPROVED |
AMOUNT PAID |
TOTAL PAID TO DATE |
TOTAL INCURRED & UNPAID |
|||||||
1. | AKIN GRUMP STRAUSS HAUER & FELD LLP | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | $ | 2,900,002 | $ | 7,718,518 | $ | — | |||
2. | ALVAREZ & MARSAL, LLC | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | 304,458 | 1,214,955 | — | ||||||
3. | ARENDT & MEDERNACH SA | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 6,266 | — | ||||||
4. | BRAUW BLACKSTONE DEN HAAG | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 11,665 | — | ||||||
5. | CASSELS BROCK & BLACKWELL LLP | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | 28,765 | 28,765 | — | ||||||
6 | CDG GROUP LLC | DOCKET 266 | AS INVOICED | 626,257 | 2,251,840 | — | ||||||
7. | DEBEVOISE & PLIMPTON LLP | DOCKET 644 | AS INVOICED | 1,854,298 | 6,194,103 | — | ||||||
8. | DLA PIPER US LLP | DOCKET 830 | AS INVOICED | 278,838 | 714,542 | — | ||||||
9. | ELVINGER, HOSS & PRUSSEN | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 5,642 | — | ||||||
10. | ERNST & YOUNG LLP | DOCKET 562 | AS INVOICED | 342,315 | 1,365,941 | — | ||||||
11. | FTI CONSULTING (US) | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 606,773 | — | ||||||
12. | GARDERE WYNNE SEWELL LLP | DOCKET 643 | AS INVOICED | 155,460 | 534,589 | — | ||||||
13. | GREENHILL & CO., LLC | DOCKET 576 | AS INVOICED | 189,545 | 546,782 | — | ||||||
14. | HOLLAND & KNIGHT LLP | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 311,233 | — |
Case 16-31854 (Jointly Administered) | 26 |
Monthly Operating Report |
|||||||
ACCRUAL BASIS-6 | |||||||
CASE NAME: | CHC Group Ltd., et al. | Page 2 of 5 | |||||
CASE NUMBER: | 16-31854 (jointly administered) | ||||||
MONTH: | December 2016 |
PROFESSIONALS CONT. | |||||||||
NAME | DATE OF COURT ORDER AUTHORIZING PAYMENT |
AMOUNT APPROVED |
AMOUNT PAID |
TOTAL PAID TO DATE |
TOTAL INCURRED & UNPAID |
||||
15. | HOULIHAN LOCKEY | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 |
AS INVOICED | 185,272 | 1,023,331 | — | |||
16. | HWL EBSWORTH LAWYERS | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 4,676 | — | |||
17. | KRAMER, LEVIN NAFTALIS & FRANKEL LLP | DOCKET 641 | AS INVOICED | 1,516,073 | 3,134,725 | — | |||
18. | KURTZMAN CARSON CONSULTANTS LLC | DOCKET 60 | AS INVOICED | 82,192 | 888,566 | — | |||
19. | LATHAM & WATKINS | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | 27,572 | 506,344 | — | |||
20. | MORGAN, LEWIS & BOCKIUS LLP | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 199,279 | — | |||
21. | NORTON ROSE | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | 503,440 | 3,030,439 | — | |||
22. | OSLER, HOSKIN & HARCOURT LLP | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | 2,374 | 19,322 | — | |||
23. | PAUL HASTINGS LLP | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 1,712,429 | 591,645 | |||
24. | PJT PARTNERS LP | DOCKET 331 | AS INVOICED | 237,403 | 710,722 | — | |||
25. | PRICEWATERHOUSECOOPERS LLP (US) | DOCKET 680 | AS INVOICED | 585,931 | 1,315,135 | — | |||
26. | SAGE POPOVICH, INC. | DOCKET 904 | AS INVOICED | 77,600 | 324,380 | — | |||
27. | SEABURY CORPORATE ADVISORS LLC | DOCKET 329 | AS INVOICED | 255,800 | 816,785 | — | |||
28. | THOMMESSEN KREFTING KREVE LUND AS | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | 1,759 | 4,676 | — | |||
29. | VLC ASSOCIATES LTD. | DOCKET 581 | AS INVOICED | 513,906 | 1,419,526 | — | |||
30. | WEIL, GOTSHAL & MAGES LLP | DOCKET 328 | AS INVOICED | 1,284,116 | 6,794,406 | — | |||
31. | WINSTEAD | DOCKET 274, 570, 734, 831, 906, 1044, 1146, 1291, 1393 and 1452 | AS INVOICED | — | 22,638 | — | |||
TOTAL PAYMENTS TO PROFESSIONALS | $11,953,376 | $43,438,993 | $591,645 |
CHC has objected to 30% & 35% fees respectively for amounts invoiced by Paul Hastings in May & June 2016. The total amount, $591,645, remains unpaid at this time. |
Case 16-31854 (Jointly Administered) | 27 |
Monthly Operating Report |
|||||||
ACCRUAL BASIS-6 | |||||||
CASE NAME: | CHC Group Ltd., et al. | Page 3 of 5 | |||||
CASE NUMBER: | 16-31854 (jointly administered) | ||||||
MONTH: | December 2016 |
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS | |||||||
NAME OF CREDITOR | SCHEDULED MONTHLY PAYMENTS DUE |
AMOUNTS PAID DURING MONTH |
TOTAL UNPAID POSTPETITION |
||||
1. | See attached schedule | ||||||
2. | |||||||
3. | TOTAL | $0 | $0 | $0 | |||
Case 16-31854 (Jointly Administered) | 28 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-6 (4 of 5) |
Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments - AIRCRAFT LEASES | DECEMBER 31, 2016 |
Creditor | Scheduled Monthly Payments Due (A) |
Amounts Paid During Month (B) |
Total
Unpaid Post Petition (C) |
Note: | ||||||
AE Helicopter (5) Ltd. | 100,558 | — | 189,150 | |||||||
AE Helicopter (6) Ltd. | 100,558 | — | 189,150 | |||||||
ANZ Leasing (VIC) Pty Ltd | 360,131 | 338,025 | 647,381 | |||||||
Brent Investments LLP | — | — | 250,489 | |||||||
Element Capital Corp. | 104,895 | 104,000 | 77,161 | |||||||
GE Capital Equipment Finance Ltd | 88,073 | — | 88,073 | |||||||
GE European Equipment Finance (Aircraft No. 2) Limited | 105,450 | — | 192,643 | |||||||
Leonardo Helicopter (1) LLC | 100,095 | 596,003 | 193,456 | |||||||
Leonardo Helicopter (2) LLC | 109,544 | — | 459,380 | |||||||
Leonardo Helicopter (3) LLC | 110,222 | — | 433,778 | |||||||
Leonardo Helicopter (6) LLC | 115,054 | — | 195,836 | |||||||
Lobo Leasing SPV A Limited | 471,724 | 468,200 | 362,477 | |||||||
Lombard North Central PLC. | 258,881 | 189,722 | 240,696 | |||||||
Lombard North Central PLC. - EDC | 448,981 | 443,011 | 286,279 | |||||||
Macquarie Rotorcraft Leasing (Ireland) Ltd | 210,899 | 55,760 | 573,339 | |||||||
Milestone Aviation Holding Group No. 20 Ltd | 88,200 | 87,677 | 150,596 | |||||||
Milestone Aviation Holding Group No. 25 Ltd | 1,882,726 | 143,335 | 5,472,625 | |||||||
Milestone Aviation Holding Group No. 8 Ltd | 999,053 | 842,873 | 2,585,857 | |||||||
Milestone Export Leasing, Ltd | 550,480 | 763,493 | 1,580,410 | |||||||
Parilease SAS | 65,237 | 64,750 | 50,129 | |||||||
SE Helicopter (12) LLC - Ex-Im Bank USA | 223,041 | 653,402 | 86,617 | |||||||
SE Helicopter (12) LLC - Export Development Corporation | 17,802 | 52,149 | 6,914 | |||||||
Skandinaviska Enskilda Banken AB (PUBL) | 73,471 | — | 201,452 | |||||||
Waypoint Asset Co 3 Limited | 1,007,034 | 1,340,710 | 2,085,023 | |||||||
Waypoint Asset Co 6 Limited | 589,658 | 1,665,580 | 1,160,000 | |||||||
Waypoint Asset Co 8 Limited | 609,580 | 924,083 | 1,343,572 | |||||||
Waypoint Asset Company Number 1 (Ireland) Ltd | 689,141 | 1,522,075 | 1,396,345 | |||||||
Waypoint Asset Company Number 2 (Ireland) Ltd | 752,128 | 727,664 | 1,783,765 | |||||||
Grand Total | $ | 10,232,616 | $ | 10,982,512 | $ | 22,282,593 |
Notes: | The above excludes the 74 approved rejected leases as at December 1, 2016. |
(A) | Refers to the rent amount covering the period December 1, 2016 - December 31, 2016 (including fees and taxes). |
(B) | Refers to the total rent amount paid in December 2016 (including advance payments). |
(C) | Refers to the rent amount covering the period May 5, 2016 - December 31, 2016 unpaid as of December 31, 2016. |
(D) | CHC will receive $6,140,198 as credit for difference between old and new rates on any Milestone rent paid after (excluding) August 3rd. |
Case 16-31854 (Jointly Administered) | 29 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-6 (5 of 5) |
Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments - DEBT | DECEMBER 31, 2016 |
Creditor | Type of Debt | Scheduled Monthly Payments Due |
Amounts Paid during Month |
Total Unpaid Post Petition |
Note: | |||||
HSBC | Senior Secured Note (SSN 1&2) | $ | 7,818,479 | — | $ | 61,765,986 | ||||
HSBC | Senior Unsecured Note (SUN) | 740,096 | — | 5,846,759 | ||||||
HSBC | Senior Secured Revolver (SSR) | 1,768,059 | — | 13,502,448 | ||||||
MORGAN STANLEY | ABL Revolver Loan (ABL) | 481,120 | — | 3,785,200 | ||||||
TOTAL | $ | 10,807,754 | — | $ | 84,900,393 |
Interest on our long-term debt obligations is calculated based on the non-default interest rates in effect for the period and is calculated based on a 30/360 basis. The unpaid post petition column includes the prorated post petition period for May and per regular terms thereafter.
Case 16-31854 (Jointly Administered) | 30 |
Monthly Operating Report |
||||||||
ACCRUAL BASIS-7 | ||||||||
CASE NAME: | CHC Group Ltd., et al. | |||||||
CASE NUMBER: | 16-31854 (jointly administered) | |||||||
MONTH: | December 2016 | |||||||
QUESTIONNAIRE | ||||||||
YES | NO | |||||||
1. | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | ü | ||||||
2. | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | ü | ||||||
3. | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | ü | ||||||
4. | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | ü | ||||||
5. | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | ü | ||||||
6. | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | ü | ||||||
7. | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | ü | ||||||
8. | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | ü | ||||||
9. | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | ü | ||||||
10. | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | ü | ||||||
11. | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | ü | ||||||
12. | ARE ANY WAGE PAYMENTS PAST DUE? | ü | ||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES”, PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. | ||||||||
2. | Refer to General Notes regarding status of bonding. | |||||||
3. | Company continues to transact with wholly and partially owned subsidiaries of CHC Group Ltd. in the normal course of operations. | |||||||
4. | Payments have been made by debtors in accordance with the approved tax,wage, severance and customer deposits order. | |||||||
5. | Intercompany only. Cash management order Docket Nos. 11, 59, 288, 569, 733, 832, 903, 1044, 1144 and 1291. | |||||||
INSURANCE | ||||||||
YES | NO | |||||||
1. | ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | ü | ||||||
2. | ARE ALL PREMIUM PAYMENTS PAID CURRENT? | ü | ||||||
3. | PLEASE ITEMIZE POLICIES BELOW. | |||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO”, OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACHE ADDITIONAL SHEETS IF NECESSARY. | ||||||||
Refer to Insurance Order Docket #268. | ||||||||
INSTALLMENT PAYMENTS | ||||||||
TYPE OF POLICY | CARRIER | PERIOD COVERED | PAYMENT AMOUNT & FREQUENCY | |||||
$0 | ||||||||
Case 16-31854 (Jointly Administered) | 31 |
CHC Group Ltd., et al. | Monthly Operating Report |
Case Number: 16-31854 (jointly administered) | ACCRUAL BASIS-7 (1 of 1) |
Additional MOR Reporting | DECEMBER 31, 2016 |
Sr. No. | Reporting Requirements (Order / Docket) | Amount (in USD) |
Comments | ||
1. | Pre-petition Taxes paid during the period in relation to the Final Tax Order (Docket 287) | $ | — | ||
2. | Pre-petition Insurance paid during the period in relation to the Final Insurance Order (Docket 268) | — | |||
3. | Pre-petition Customer Deposits paid during the period in relation to the Final Customer Deposits Order (Docket 292) | 4,024,637 | |||
4. | Pre-petition PTO Cash-Outs paid during the period in relation to the Final Employee Obligation Order (Docket 289) | 4,130 | |||
5. | Post-petition Severance (including associated benefits) paid during the period in relation to the Severance Order (Docket 272) | 853,190 | |||
6. | Amounts paid to Repair Shops, Shippers, Warehousemen and other lien claimants pursuant to the Repair Shop Order (Docket 689) | 736,430 | (A) |
Local currency amounts have been converted to USD using Bank of Canada period end conversion Rate
(A) | This number includes both prepetition and postpetition amounts paid pursuant to the Repair Shop order. The Debtors estimate that only a small fraction of the number relates to prepetition claims. |
Case 16-31854 (Jointly Administered) | 32 |