VLC Associates, LTD. to be Honored with The Turnaround Management Association’s International Transaction of the Year Award

  • September 12, 2018

VLC Associates, LTD, a leading business advisory firm that assists healthy and special situations middle market companies enhance enterprise value, announced that the firm has been selected as a co-recipient of the Turnaround Management Association's International Transaction of the Year Award. VLC Associates was selected for its role in the restructuring of CHC Group Ltd. The prestigious award recognizes the most successful turnarounds and impactful transactions in the past year and will be presented during The 2018 TMA Annual Conference on September 27th in Colorado.

In the aftermath of the global energy downturn, CHC Group, one of the largest commercial helicopter service companies in the world, filed for Chapter 11 bankruptcy protection in the Northern District of Texas. In its Chapter 11 case, CHC used an expedited fleet replacement strategy to right-size its fleet of approximately 230 helicopters. As a result, CHC successfully reduced its aircraft lease and financing costs and its overall fleet by approximately 45 percent. In addition to the significant aircraft cost savings, the overall transaction, implemented through proceedings in the United States, Canada, and the Cayman Islands, shed more than $2 billion in debt, paid back creditors, and saved most of the employee jobs across the globe.

Co-recipients of the International Transaction of the Year Award include Jasmine Ball, Debevoise & Plimpton LLP; Michael Cox, Seabury Group LLC (now part of Accenture); Robert Del Genio, CDG Group LLC (now part of FTI Consulting); and Kelly DiBlasi, Weil Gotshal & Manges LLP.

For more information on the Turnaround Management Association's Awards, visit www.turnaround.org/about/tma-awards.