Great Slave Helicopters

Great Slave Helicopters, one of Canada's largest onshore helicopter operators with two main bases located in Yellowknife, Northwest Territories and Calgary, Alberta, filed for protection under the CCAA on September 4. For the past several years, the company has experienced annual losses exceeding $5.0MM. It attributes its financial difficulties to a downturn in the oil, gas and mining sectors, growing maintenance costs, and a global depression in the helicopter charter services market. Until recently, the company was solely owned by Discovery Air, which filed for protection under the CCAA in March, with $127.0MM of debt set to mature, including $93.0MM of secured debt that had been guaranteed by the company and other members of Discovery Air's Group. Discovery Air's assets and liabilities were eventually purchased in July by a company formed by its largest creditor, Clairvest Group. Currently, the company is in default of existing obligations under its secured guarantee in favour of Clairvest, owed $71.3MM. Together, they have been engaged for some time in efforts to restructure the company's business and operations to be viable on a long-term basis. However, due to the company's anticipated need for additional funding and Clairvest's unwillingness to provide such further funding, the company has concluded that a restructuring or sale of its business is best facilitated through CCAA proceedings. Because of the seasonality of the company's business - with most of its revenue earned in June to September - it will require significant funding until its next busy season. KSV Advisory was appointed monitor. Counsel is GSNH for the company, Goodmans for the monitor and Torys for Clairvest.

Beaufort Delta Petroleum

Beaufort Delta Petroleum, a Inuvik, Northwest Territories-based petroleum company owned by Norterra that sells and transports bulk fuels and packaged lubrication to locations within the Mackenzie Delta Beaufort Coast region, filed for bankruptcy on May 11. As of 2016, the company had borrowed $1.9MM from the Northwest Territories Business Development and Investment Corporation, with only $100.0M paid back. Grant Thornton is the bankruptcy trustee.