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:	July		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
PRINTED NAME OF RESPONSIBLE PARTY		DATE
PREPARER:
/s/ Melanie Kerr		Chief Accounting Officer
ORIGINAL SIGNATURE OF PREPARER		TITLE
Melanie Kerr
PRINTED NAME OF PREPARER		DATE

 

 

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 and orders filed on May 5, May 7, June 9, July 8, and August 9, 2016 Docket Nos. 11, 59, 288, 569, and 733 for a full description of the Debtors’ 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. 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 MOR 6, payments to insiders.

 

•

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 over 94% 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 Debtors continue to work towards securing the remaining cash, and have been communicating regularly with the Office of the United States Trustee in that regard.

 

 

Payments made erroneously / before approval from Court (July 2016):

 

•

E.ON (Essential Services) - Payment was erroneously made by the operating base in Aberdeen, UK for GBP 2,403.12 (USD $3,189) in relation to an electricity bill for April 2016, as the provider threatened to cut off electricity. Subsequently, a communication has been made to the office in order to avoid any such instance in the future.

 

•

Note: July 31, 2016 noon rates from the Bank of Canada were used to translate foreign exchange on this transaction.

 

 

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

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-1 (1 of 3)
Comparative Balance Sheet	JULY 31, 2016

 

		MAY 31, 2016				JUNE 30, 2016				JULY 31, 2016
Current Assets
Cash and Cash Equivalents		$	182,674,393			$	187,477,245			$	190,767,628
Receivables - sub ledger			91,599,940				88,424,741				92,574,827
Receivables - Other			10,626,654				9,996,472				9,424,224
Current intercompany receivables			621,102,213				669,375,704				711,216,684
Inventories			87,058,508				86,940,924				84,537,933
Prepaid Expenses			20,396,819				16,262,205				16,957,189
Income Taxes Receivable			2,083,805				2,165,494				2,083,748
Other Assets - Current			6,206,925				6,052,691				9,062,012
		$	1,021,749,257			$	1,066,695,476			$	1,116,624,245
Non Current Assets
Restricted Cash		$	5,182,049			$	5,266,676			$	5,461,762
Property & Equipment, net			811,136,868				788,326,059				725,041,076
Investments			795,696,398				764,291,313				765,039,687
Other Assets-Long Term			307,692,995				306,371,845				121,367,583
Long-term intercompany receivables			58,392,691				50,752,864				50,837,908
Deferred Income Tax Assets			7,428,909				7,461,749				5,747,263
Intangible Assets			81,476,278				81,476,278				81,442,945
Total Assets		$	3,088,755,445			$	3,070,642,260			$	2,871,562,469
Liabilities & Shareholders Deficit
Current Liabilities
Payables - sub ledger		$	10,786,224			$	14,193,322			$	24,243,746
Payables - accruals and other			54,476,260				74,735,856				75,829,561
Current intercompany payables			20,790,077				40,975,843				89,368,565
Deferred Revenue - Current			735,471				3,786,363				4,905,520
Income Taxes Payable			288,027				—				189,642
Current Portion of Long Term Debt Obligations			737,722				1,554,185				880,916
Other Liabilities - Current			308,281				301,678				65,008
		$	88,122,062			$	135,547,247			$	195,482,958
Non-Current Liabilities
Long-term Debt Obligations		$	—			$	—			$	—
Senior Subordinated Notes			—				—				—
Liabilities Held For Sale			—				—				—
Deferred Revenue			1,075,750				1,768,256				1,988,479
Pre-petition Liabilities			2,983,873,370				2,926,856,347				2,771,153,988
Other Liabilities - Non Current			3,334,220				3,551,719				3,369,486
Redeemable Non-controlling Interest			—				—				—
Deferred Income Tax Liabilities			565,286				565,286				565,286
		$	2,988,848,626			$	2,932,741,608			$	2,777,077,239
Convertible Preferred Shares			643,967,652				643,967,652				643,967,652
Shareholders Deficit			(632,182,895	)			(641,614,247	)			(744,965,380	)
Total Liabilities & Shareholders Deficit		$	3,088,755,445			$	3,070,642,260			$	2,871,562,469

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-1 (2 OF 3)
Balance Sheet Support	JULY 31, 2016

 

Other assets

Current:		MAY 31, 2016				JUNE 30, 2016				JULY 31, 2016				Note:
Foreign currency embedded derivatives		$	4,137,984			$	4,017,756			$	6,077,548			(1)
Mobilization costs			2,007,261				2,034,935				2,984,464
Other			61,680				—				—
		$	6,206,925			$	6,052,691			$	9,062,012
Non-current:
Helicopter operating lease funded residual value		$	151,529,229			$	153,771,468			$	4,111,331			(2), (13)
Helicopter deposits			66,169,594				66,169,594				66,169,594			(3)
Security deposits			39,454,949				39,451,644				21,779,168			(4), (13)
Deferred financing costs			15,593,492				15,122,331				9,443,548			(5), (13)
Prepaid helicopter rentals			13,849,928				13,417,880				7,382,528			(6), (13)
Residual value guarantees			8,674,664				8,224,183				698,037			(7), (13)
Foreign currency embedded derivatives			5,595,627				5,255,028				7,917,331			(1)
Mobilization costs			1,197,692				1,015,903				1,043,442
Accrued pension asset			1,197,058				1,131,897				—
Pension guarantee assets			1,526,178				1,518,194				1,516,431
Other			2,904,584				1,293,723				1,306,173
		$	307,692,995			$	306,371,845			$	121,367,583
Other liabilities
Current:
Foreign currency embedded derivatives		$	308,281			$	301,678			$	65,008			(1)
		$	308,281			$	301,678			$	65,008
Non-current:
Foreign currency embedded derivatives		$	256,489			$	240,936			$	—			(1)
Restructuring			273,204				530,314				53,207			(8), (13)
Residual value guarantees			13,052				26,104				—			(9)
Accrued pension obligations			—				—				525,497
Other			2,791,475				2,754,365				2,790,782
		$	3,334,220			$	3,551,719			$	3,369,486
Pre-petition Liabilities:
Long term debt and capital lease obligations		$	1,724,188,932			$	1,724,364,191			$	1,677,823,632			(13)
Payables - sub ledger			24,081,750				25,184,396				29,976,108
Payables - accruals and other			137,717,226				136,553,119				109,160,025
Intercompany payable			855,645,493				799,816,233				804,643,159			(10)
Deferred revenue			58,637,672				57,567,889				51,663,014
Restructuring liability			62,700,882				63,002,300				16,539,899			(8), (13)
Deferred gains on sale-leasebacks of helicopters			39,267,284				38,571,722				26,919,121			(11), (13)
Accrued pension obligation			32,466,420				32,282,568				34,030,257			(12)
Residual value guarantees			22,921,259				22,921,255				4,639,754			(9), (13)
Current liability secured by accounts receivable			10,887,188				10,812,333				—
Contract inducement			3,457,659				3,424,089				3,424,089
Income taxes payable			2,425,355				2,987,900				2,981,740
Other liabilities			9,476,250				9,368,352				9,353,190
		$	2,983,873,370			$	2,926,856,347			$	2,771,153,988

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-1 (3 of 3)
Balance Sheet Support	JULY 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.
	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.
(8)
	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.

 

 

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

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-2
Income Statement	JULY 31, 2016

 

		MAY 31, 2016				JUNE 30, 2016				JULY 31, 2016				Note:
Revenue		$	94,457,476			$	81,778,744			$	77,207,307
Operating Expenses
Direct costs		$	(82,965,090	)		$	(68,057,485	)		$	(61,632,463	)
Earnings (loss) from equity accounted investees			(30,532	)			(30,315	)			(29,872	)
General and administration costs			(3,232,484	)			(2,865,588	)			(5,045,498	)
Amortization			(10,311,906	)			(10,137,285	)			(9,101,461	)
Restructuring costs			152,353				(1,365,380	)			610,226			(1)
Gain (loss) on disposal of assets			(325,301	)			(173,387	)			(564,943	)		(2)
Operating income (loss)		$	(2,255,484	)		$	(850,696	)		$	1,443,296
Financing charges			(15,325,334	)			(30,333,232	)			879,549			(3)
Reorganization items, net
Professional fees		$	(5,620,000	)		$	(3,944,040	)		$	(14,234,099	)		(4)
U.S. trustee fees			—				—				(270,475	)
Other (Adjustments to Allowed Claims, debt valuation)			(39,823,489	)			—				(88,544,309	)		(5)
Loss before income tax		$	(63,024,307	)		$	(35,127,968	)		$	(100,726,038	)
Income tax expense			(511,655	)			(121,265	)			(2,175,135	)
Net loss		$	(63,535,962	)		$	(35,249,233	)		$	(102,901,173	)

 

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 $18.3 million at July 31, 2016.

(5)

Other adjustments include adjustments to lease related balances for court approved lease rejections but do not include our estimated allowed claim on these leases.

 

 

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

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-3 (1 of 2)
Cash Flow Statement	JULY 31, 2016

 

		MAY 31, 2016				JUNE 30, 2016				JULY 31, 2016				Note:
Beginning Cash		$	162,003,170			$	182,857,503			$	187,477,245
Total Cash Receipts			49,787,817				71,317,305				69,103,349
Disbursements
Aircraft Leases			341,450				369,912				6,646,967			(1)
Airport Fees			130,524				327,215				135,568
Benefits			930,565				1,532,889				1,253,873
Building & PPE			173,140				982,680				1,081,475
Freight / Customs			99,324				2,156,167				1,008,264
Fuel			210,758				565,102				497,246
FX / Fees			(38,440	)			—				—
Information Technology			5,630				520,469				1,531,897
Insurance			—				99,817				2,265
OEM			2,056,625				9,228,025				12,853,925
Other expenses			—				2,228,335				1,829,085
Payroll			10,076,430				12,752,336				11,603,632
Pension			600,107				624,469				565,691
Professional and UST fees			—				302,872				2,482,517
Disbursements to Non-Filers			8,626,739				26,453,951				17,697,865			(2)
Indirect and payroll taxes			4,929,054				6,418,012				5,092,032
Training			62,491				198,924				311,942
Travel			912,197				1,692,957				1,613,403			(3)
Total Disbursements			29,116,594				66,454,132				66,207,647
Net Cash Flow			20,671,223				4,863,173				2,895,702
Revaluation of non-USD cash balances			—				(243,431	)			394,681
Closing Balance		$	182,674,393			$	187,477,245			$	190,767,628

 

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 and orders filed on May 5, May 7, June 9, July 8, and August 9, 2016 Docket Nos. 11, 59, 288, 569, and 733 for a full description of the Debtors’ 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.

 

 

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	JULY 31, 2016

 

				MAY 31, 2016								JUNE 30, 2016								JULY 31, 2016
Case Number		Legal Entity		Receipts				Disbursements				Receipts				Disbursements				Receipts				Disbursements
16-31854		CHC Group Ltd.		$	22,661			$	1,268			$	—			$	322,965			$	—			$	1,837,091
16-31855		6922767 Holding SARL			20,442				5,986				—				1,101				—				253
16-31856		Capital Aviation Services B.V.			8,934,264				282,482				6,778,547				196,230				4,968,256				22,854
16-31857		CHC Cayman ABL Borrower Ltd.			272				273				4				96				—				230
16-31858		CHC Cayman ABL Holdings Ltd.			—				105				—				205				—				95
16-31859		CHC Cayman Investments I Ltd.			1,154,013				8,597,889				857,145				26,603,602				14,807,020				22,879,770
16-31860		CHC Den Helder B.V.			1,227,232				150				3,106,322				323				1,733,401				222
16-31862		CHC Global Operations (2008) ULC			757,425				3,036,624				1,426,656				3,899,195				1,289,096				3,412,113
16-31870		CHC Global Operations Canada (2008) ULC			2,674,104				71,105				5,896,180				168,410				1,343,191				425,411
16-31879		CHC Global Operations International ULC			3,391,004				1,222,434				3,016,112				1,400,304				4,715,340				977,823
16-31892		CHC Helicopter (1) S.a r.l.			—				—				—				50				—				184
16-31895		CHC Helicopter (2) S.a r.l.			—				—				—				50				—				184
16-31878		CHC Helicopter (3) S.a r.l.			—				—				—				50				—				184
16-31882		CHC Helicopter (4) S.a r.l.			—				—				—				50				—				184
16-31890		CHC Helicopter (5) S.a r.l.			—				—				—				50				—				184
16-31872		CHC Helicopter Australia Pty. Ltd.			12,362,497				7,135,159				14,353,330				10,813,609				11,951,302				10,985,519
16-31875		CHC Helicopter Holding S.a r.l.			23				46,480				3				757				—				238
16-31863		CHC Helicopter S.A.			84,043				4,013				344,323				2,251				—				88,136
16-31865		CHC Helicopters (Barbados) Limited			8				1,110				3				1,699				—				343
16-31867		CHC Helicopters (Barbados) SRL			14				21,304				2				30,251				4,744				34,252
16-31868		CHC Holding (UK) Limited			4,682,162				25,328				3,201,534				285,785				2,010,822				377
16-31874		CHC Holding NL B.V.			15				421				—				235				—				136
16-31861		CHC Hoofddorp B.V.			3				209,504				66,364				219,687				—				176,124
16-31864		CHC Leasing (Ireland) Limited			17				57,774				3				348,401				—				122,393
16-31866		CHC Netherlands B.V.			3				534				—				259				—				105
16-31869		CHC Norway Acquisition Co AS			44,947				—				158,995				16,214				1,063				—
16-31871		Heli-One (Netherlands) B.V.			28				264,064				4				521,811				—				535,593
16-31876		Heli-One (Norway) AS			6,123,139				3,353,852				13,381,056				16,037,885				8,509,993				16,238,380
16-31881		Heli-One (US) Inc. (DE)			—				192				1				95				—				94
16-31888		Heli-One (UK) Limited			67				273,225				42				132,967				32				137,957
16-31893		Heli-One Canada ULC			2,385,383				4,488,219				4,059,867				5,363,609				2,272,767				8,326,573
16-31894		Heli-One Holdings (UK) Limited			2				159				1				106				—				107
16-31886		Heli-One Leasing (Norway) AS			1,952				36				4,665				250				116				50
16-31891		Heli-One Leasing ULC			18				4,504				2				857				—				197
16-31853		Heli-One USA Inc. (TX)			—				131				2				95				—				93
16-31889		Heliworld Leasing Limited			3,252,367				6,241				108,470				83,807				1,119,900				4,136
16-31885		Integra Leasing AS			2,669,710				6,028				14,557,669				823				14,376,306				61
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			2				—				3				(2	)			—				3
		Total		$	49,787,817			$	29,116,594			$	71,317,305			$	66,454,132			$	69,103,349			$	66,207,649

 

 

Monthly Operating Report
ACCRUAL BASIS-4

CASE NAME:	CHC Group Ltd., et al.
CASE NUMBER:	16-31854 (jointly administered)

 

ACCOUNTS RECEIVABLE AGING				SCHEDULE AMOUNT				May 2016				June 2016				July 2016
1.		0-30						$	58,864,510			$	80,445,805			$	86,729,106
2.		31-60							28,261,676				6,170,036				1,867,233
3.		61-90							2,944,016				2,165,235				2,869,897
4.		91+							3,612,158				1,776,245				3,241,816
5.		TOTAL ACCOUNTS RECEIVABLE		$	0				93,682,360				90,557,321				94,708,052
6.		AMOUNT CONSIDERED UNCOLLECTIBLE							(2,082,420	)			(2,132,580	)			(2,133,225	)
7.		ACCOUNTS RECEIVABLE (NET)		$	0			$	91,599,940			$	88,424,741			$	92,574,827

 

AGING OF POSTPETITION TAXES AND PAYABLES

MONTH:

July 2016

 

TAXES PAYABLE				0-30 DAYS				31-60 DAYS				61-90 DAYS				91+ DAYS				TOTAL
1.		FEDERAL		$	—			$	—			$	—			$	—			$	—
2.		STATE			—				—				—				—				—
3.		LOCAL			(2,629,500	)			—				—				—				(2,629,500	)
4.		WITHHOLDING			(1,615,092	)			—				—				—				(1,615,092	)
5.		REAL PROPERTY			—				—				—				—				0
6.		TOTAL TAXES PAYABLE		$	(4,244,592	)		$	0			$	0			$	0			$	(4,244,592	)
7.		ACCOUNTS PAYABLE		$	274,669			$	(8,914,972	)		$	(12,572,439	)		$	(3,031,003	)		$	(24,243,746	)

 

STATUS OF POSTPETITION TAXES

MONTH:

July 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		$	(2,284,666	)		$	(3,989,163	)		$	4,658,737			$	(1,615,092	)
9.		SALES			—				—				—				—
10.		EXCISE			—				—				—				—
11.		UNEMPLOYMENT			—				—				—				—
12.		REAL PROPERTY			—				(47,197	)			47,197				—
13.		PERSONAL PROPERTY			—				—				—				—
14.		OTHER (SEE BELOW)			(1,461,617	)			(6,727,246	)			5,559,363				(2,629,500	)
15.		TOTAL STATE AND LOCAL			(3,746,283	)			(10,763,606	)			10,265,297				(4,244,592	)
16.		TOTAL TAXES		$	(3,746,283	)		$	(10,763,606	)		$	10,265,297			$	(4,244,592	)

 

14.	Other - This relates to foreign withholding and sales taxes for non-U.S. filers.

 

 

Monthly Operating Report
ACCRUAL BASIS-5

 

CASE NAME:	CHC Group Ltd., et al.
CASE NUMBER:	16-31854 (jointly administered)

 

MONTH:

July 2016

SEE ATTACHED SCHEDULE

BANK RECONCILIATIONS					Account #1				Account #2				Account #3
A.		BANK:
B.		ACCOUNT NUMBER:
C.		PURPOSE (TYPE):															TOTAL
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														$	190,767,628

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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 Sarl-Zug		Credit Suisse		Chequing		USD			4724				1083				636				636				636
2		6922767 Holding Sarl-Zug		Credit Suisse		Chequing		CHF			4721				1081				1,236				1,236				1,275
3		6922767 Holding Sarl		Bank of America, N.A. (London)		Chequing		NOK			3051				account closed				account closed				account closed				—
4		6922767 Holding Sarl		Bank of America, N.A. (London)		Chequing		EUR			3043				1064				10,828				10,828				12,095
5		6922767 Holding Sarl		Bank of America, N.A. (London)		Chequing		GBP			3035				account closed				account closed				account closed				—
6		6922767 Holding Sarl		Bank of America, N.A. (London)		Chequing		USD			3027				1058				5,381				5,381				5,381
7		6922767 Holding Sarl		Bank of America, N.A. (London)		Chequing		CAD			3019				account closed				account closed				account closed				—
8		6922767 Holding Sarl		ING Luxembourg SA		Chequing		EUR			0000				1075				20				20				22
9		6922767 Holding Sarl-Branch 4		Bank of America, N.A. (London)		Chequing		USD			3077				1058				4,559				4,559				4,559
10		6922767 Holding Sarl-Branch 4		Bank of America, N.A. (London)		Chequing		EUR			3069				1064				6,065				6,065				6,774
11		Capital Aviation Services		Bank of America, N.A. (London)		Chequing		EUR			8038				1028				2,655				2,655				2,965
12		Capital Aviation Services		Bank of America, N.A. (London)		Chequing		USD			8012				1005				37,418				37,418				37,418
13		CHC Cayman ABL Borrower Ltd.		Bank of America, N.A. (London)		Chequing		USD			0028				1058				4,028				4,028				4,028
14		CHC Cayman ABL Borrower Ltd.		Bank of America, N.A. (London)		Chequing		EUR			0010				1064				572				572				639
15		CHC Cayman ABL Holdings		Bank of America, N.A. (London)		Chequing		USD			4011				1058				239				239				239
16		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		AUD			1071				1035				—				—				180
17		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		CAD			1063				1055				292,421				292,421				224,232
18		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		EUR			1055				1064				3,382,159				3,382,159				3,777,665
19		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		GBP			1047				1061				3,398,843				3,398,843				4,510,159
20		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		NOK			1039				1066				1,007,515				1,007,515				119,595
21		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		USD			1021				1059				5,628,074				5,628,074				5,628,074
22		CHC Cayman Investments 1		Bank of America, N.A. (London)		Chequing		USD			1013				1058				127,247,543				127,247,543				127,247,543
23		CHC Den Helder BV		Bank of America, N.A. (London)		Chequing		EUR			4016				1026				958,318				958,318				1,070,383
24		CHC Global Operations (2008) ULC		HSBC Bank Canada		Chequing		CAD			2001				1021				529,009				529,009				405,651
25		CHC Global Operations (2008) ULC		HSBC Bank Canada		Chequing		USD			2070				1022				602,491				603,306				602,491
26		CHC Global Operations (2008) ULC		Bank of America, N.A. (London)		Chequing		USD			3111				1005				44,600				44,600				44,600
27		CHC Global Operations Canada		Standard Bank		Chequing		USD			1011				1005				8,432,416				8,432,416				8,432,416
28		CHC Global Operations Canada		Standard Bank		Chequing		MZN			1003				1050				832,186				832,693				12,203
29		CHC Global Operations Canada		HSBC Bank Canada		Chequing		CAD			0001				1021				179,630				183,620				137,742
30		CHC Global Operations Canada		HSBC Bank Canada		Chequing		USD			0070				1022				791,717				792,139				791,717
31		CHC Global Operations Canada		Standard Bank		Chequing		TZS			7455				1050				(1,627,435	)			—				(744	)
32		CHC Global Operations Canada		Standard Bank		Chequing		NAD			5854				1096				39,100				39,100				2,812
33		CHC Global Operations (2008) ULC		Bank of America, N.A. (London)		Chequing		USD			3103				1005				70,914				70,914				70,914
34		CHC Global Operations (2008) ULC		Bank of America, N.A. (London)		Chequing		USD			3096				1005				8,750				8,750				8,750

 

  

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
35		CHC Global Operations (2008) ULC		Bank of America, N.A. (London)		Chequing		USD			3070				1005				925				925				925
36		CHC Global Operations (2008) ULC		Bank of America, N.A. (London)		Chequing		USD			3062				1005				77,270				77,270				77,270
37		CHC Global Operations (2008) ULC		Bank of America, N.A. (London)		Chequing		USD			3054				account closed				account closed				account closed				—
38		CHC Global Operations Canada (2008) ULC - Equatorial Guinea Branch		Bank of America, N.A. (London)		Chequing		USD			3020				1005				4,053				4,052				4,053
39		CHC Global Operations Canada (2008) ULC - Equatorial Guinea Branch		Bank of America, N.A. (London)		Chequing		EUR			3012				1025				32,631				32,631				36,446
40		CHC Global Operations Canada (2008) ULC - Equatorial Guinea Branch		Societe Generale (Equatorial Guinea)		Chequing		XAF			0183				1050				33,897,473				34,519,977				57,016
41		CHC Global Operations Canada (2008) ULC - Equatorial Guinea Branch		Societe Generale (Equatorial Guinea)		Chequing		XAF			0154				1050				129,071,142				132,074,922				217,098
48		CHC Global Operations International ULC		BICI Gabon		Chequing		XAF			8605				1023				40,575,806				40,575,806				68,249
49		CHC Global Operations International ULC		HSBC Bank Canada		Chequing		CAD			9001				1021				353,081				353,278				270,747
50		CHC Global Operations International ULC		HSBC Bank Canada		Chequing		USD			9070				1022				149,528				153,568				149,528
51		CHC Global Operations International ULC		Ecobank Benin		Chequing		XOF			8801				1050				18,223,651				18,229,151				30,616
52		CHC Global Operations International ULC		HSBC Bank Canada		Chequing		USD			9072				1022				24,162				24,162				24,162
53		CHC Global Operations International ULC		Bank of America, N.A. (London)		Chequing		USD			8103				1005				17,902				17,902				17,902
54		CHC Global Operations International ULC		Bank of America, N.A. (London)		Chequing		USD			8096				1005				4,478				4,478				4,478
55		CHC Global Operations International ULC -Romania		Bank of America, N.A. (London)		Chequing		EUR			8088				1025				3,478				3,478				3,885
56		CHC Global Operations International ULC -Romania		Bank of America, N.A. (London)		Chequing		USD			8070				1005				5,274				5,274				5,274
57		CHC Global Operations International ULC		Bank of America, N.A. (London)		Chequing		USD			8062				1005				234,238				234,238				234,238
58		CHC Global Operations International ULC		Bank of America, N.A. (London)		Chequing		USD			8054				1005				464				464				464
59		CHC Global Operations International ULC-Kazakhstan Branch		Bank of America, N.A. (London)		Chequing		EUR			8046				1025				39,972				39,972				44,647
60		CHC Global Operations International ULC-Kazakhstan Branch		Bank of America, N.A. (London)		Chequing		USD			8020				1005				493,688				493,688				493,688
61		CHC Global Operations International ULC -Romania		UniCredit Tiriac ASA		Chequing		RON			2000				1050				2,020,800				2,020,878				506,621
63		CHC Global Operations International ULC		BMCI (Groupe BNP Paribas)		Chequing		MAD			0296				1080				5,736				5,674				588
64		CHC Global Operations International ULC-Kazakhstan Branch		ATF Bank		Chequing		KZT			3705				1050				28,925,783				28,914,816				82,175
65		CHC Global Operations International ULC-Kazakhstan Branch		ATF Bank		Chequing		USD			0821				1050				—				—				—
66		CHC Group Ltd.		Bank of America, N.A. (USA)		Chequing		USD			0148				1058				572,296				572,296				572,296
67		CHC Group Ltd.		Bank of America, N.A. (London)		Chequing		USD			0051				1059				8,364				8,364				8,364

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
68		CHC Group Ltd.		Bank of America, N.A. (London)		Chequing		NOK			0043				account closed				account closed				account closed				—
69		CHC Group Ltd.		Bank of America, N.A. (London)		Chequing		GBP			0035				account closed				account closed				account closed				—
70		CHC Group Ltd.		Bank of America, N.A. (London)		Chequing		CAD			0027				account closed				account closed				account closed				—
71		CHC Group Ltd.		Bank of America, N.A. (London)		Chequing		EUR			0019				account closed				account closed				account closed				—
72		CHC Helicopter (1) Sarl		ING Luxembourg SA		Chequing		EUR			3000				1075				4,714				4,714				5,265
73		CHC Helicopter (2) Sarl		ING Luxembourg SA		Chequing		EUR			3000				1075				4,720				4,720				5,272
74		CHC Helicopter (3) Sarl		ING Luxembourg SA		Chequing		EUR			3000				1075				4,714				4,714				5,265
75		CHC Helicopter (4) Sarl		ING Luxembourg SA		Chequing		EUR			3000				1075				4,714				4,714				5,265
76		CHC Helicopter (5) Sarl		ING Luxembourg SA		Chequing		EUR			3000				1075				4,714				4,714				5,265
77		CHC Helicopter (Barbados) SRL		RBC		Chequing		USD			8922				1005				21,426				21,426				21,426
78		CHC Helicopter (Barbados) SRL		Bank of America, N.A. (London)		Chequing		NOK			5066				1066				5,398				5,398				641
79		CHC Helicopter (Barbados) SRL		Bank of America, N.A. (London)		Chequing		GBP			5058				1061				3,363				3,363				4,463
80		CHC Helicopter (Barbados) SRL		Bank of America, N.A. (London)		Chequing		EUR			5040				1064				10,487				10,487				11,713
81		CHC Helicopter (Barbados) SRL		Bank of America, N.A. (London)		Chequing		DKK			5032				account closed				account closed				account closed				—
82		CHC Helicopter (Barbados) SRL		Bank of America, N.A. (London)		Chequing		CAD			5024				account closed				account closed				account closed				—
83		CHC Helicopter (Barbados) SRL		Bank of America, N.A. (London)		Chequing		USD			5016				1058				15,649				15,649				15,649
84		CHC Helicopter (Barbados) SRL		RBC		Chequing		BBD			1689				1042				31,212				31,412				15,606
85		CHC Helicopters (Australia)		ANZ Banking Group		Chequing		USD			2002				n/a				—				—				—
86		CHC Helicopter Australia Pty Ltd.		Bank of America, N.A. (London)		Chequing		AUD			0038				1011				445				445				338
87		CHC Helicopter Australia Pty Ltd.		Bank of America, N.A. (London)		Chequing		EUR			0020				account closed				account closed				account closed				—
88		CHC Helicopter Australia Pty Ltd.		Bank of America, N.A. (London)		Chequing		USD			0012				1059				13,730				13,730				13,730
90		CHC Helicopter Australia Pty Ltd.		HSBC Bank Australia Ltd.		Chequing		AUD			7001				1024				1,758,463				1,758,463				1,336,007
91		CHC Helicopter Australia Pty Ltd.		HSBC Bank Australia Ltd.		Chequing		AUD			7002				1097				20,000				9,333				15,195
92		CHC Helicopter Australia Pty Ltd.		HSBC Bank Australia Ltd.		Chequing		USD			7159				1022				420,888				420,888				420,888
93		CHC Helicopter Holding S.a.r.l.		Bank of America, N.A. (London)		Chequing		EUR			4058				1064				3,462				3,462				3,867
94		CHC Helicopter Holding S.a.r.l.		Bank of America, N.A. (London)		Chequing		NOK			4040				account closed				account closed				account closed				—
95		CHC Helicopter Holding S.a.r.l.		Bank of America, N.A. (London)		Chequing		CAD			4032				account closed				account closed				account closed				—
96		CHC Helicopter Holding S.a.r.l.		Bank of America, N.A. (London)		Chequing		GBP			4024				account closed				account closed				account closed				—
97		CHC Helicopter Holding S.a.r.l.		Bank of America, N.A. (London)		Chequing		USD			4016				1059				1,633				1,633				1,633
98		CHC Helicopter Holding S.a.r.l.		ING Luxembourg SA		Chequing		EUR			0000				1075				133				133				148
99		CHC Global Operations International ULC - Kazakhstan Branch		JSC CB "RBS (Kazakhstan)"		Chequing		USD			9695				1080				10,940				10,940				10,940
100		CHC Helicopter Holding S.a.r.l.-zug branch		Credit Suisse		Chequing		CHF			1000				1081				1,135				1,135				1,171
101		CHC Helicopter S.A.		Bank of America, N.A. (London)		Chequing		CAD			7073				1056				20,704				20,704				15,876
102		CHC Helicopter S.A.		Bank of America, N.A. (London)		Chequing		USD			7023				1058				14,210				14,210				14,210

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
103		CHC Helicopter S.A.		ING Luxembourg SA		Chequing		EUR			0000				1075				9,470				9,470				10,578
104		CHC Helicopter S.A.		Bank of America, N.A. (London)		Chequing		CAD			7148				1055				170				170				130
109		CHC Helicopter S.A.		Bank of America, N.A. (London)		Chequing		EUR			7049				1064				1,216				1,216				1,359
110		CHC Helicopter S.A.		Bank of America, N.A. (USA)		Chequing		USD			6258				1059				12,716				12,716				12,716
111		CHC Helicopter S.A.—Branch 1		Bank of America, N.A. (London)		Chequing		EUR			7099				1064				579				579				646
112		CHC Helicopter S.A.—Branch 1		Bank of America, N.A. (London)		Chequing		USD			7081				1058				21,120				21,120				21,120
113		CHC Helicopter S.A.—Branch 1		Credit Suisse		Chequing		CHF			1001				1081				295,484				295,484				304,932
114		CHC Helicopter S.A.-Zug Financial Branch		Bank of America, N.A. (London)		Chequing		USD			7065				1058				2,254				2,254				2,254
115		CHC Helicopter S.A.-Zug Financial Branch		Credit Suisse		Chequing		EUR			2002				1082				469				469				524
116		CHC Helicopter S.A.-Zug Financial Branch		Credit Suisse		Chequing		CHF			1001				1081				120,591				120,591				124,447
117		CHC Helicopters (Barbados) Limited		Bank of America, N.A. (London)		Chequing		DKK			5060				account closed				account closed				account closed				—
118		CHC Helicopters (Barbados) Limited		Bank of America, N.A. (London)		Chequing		GBP			5052				1061				9,658				9,658				12,816
119		CHC Helicopters (Barbados) Limited		Bank of America, N.A. (London)		Chequing		CAD			5044				account closed				account closed				account closed				—
120		CHC Helicopters (Barbados) Limited		Bank of America, N.A. (London)		Chequing		EUR			5036				1064				925				925				1,034
121		CHC Helicopters (Barbados) Limited		Bank of America, N.A. (London)		Chequing		NOK			5028				1066				57,765				57,765				6,857
122		CHC Helicopters (Barbados) Limited		Bank of America, N.A. (London)		Chequing		USD			5010				1058				4,336				4,336				4,336
123		CHC Holding (UK) Limited		Bank of America, N.A. (London)		Chequing		EUR			5107				1025				146,985				146,985				164,173
124		CHC Holding (UK) Limited		Bank of America, N.A. (London)		Chequing		GBP			5074				1010				6,657				6,657				8,834
125		CHC Holding (UK) Limited		Bank of America, N.A. (London)		Chequing		USD			5066				1005				200,536				200,486				200,536
126		CHC Holding NL BV		Bank of America, N.A. (London)		Chequing		USD			4020				1058				4,343				4,343				4,343
127		CHC Holding NL BV		Bank of America, N.A. (London)		Chequing		EUR			4012				1064				4,047				4,047				4,520
128		CHC Hoofddorp B.V.		Bank of America, N.A. (London)		Chequing		USD			8039				1005				3,586				3,585				3,586
129		CHC Hoofddorp B.V.		Bank of America, N.A. (London)		Chequing		EUR			8021				1028				139,010				139,010				155,266
130		CHC Leasing (Ireland) Limited		Bank of America, N.A. (London)		Chequing		NOK			9049				1066				3,194				3,194				379
131		CHC Leasing (Ireland) Limited		Bank of America, N.A. (London)		Chequing		GBP			9031				1061				2,973				2,973				3,945
132		CHC Leasing (Ireland) Limited		Bank of America, N.A. (London)		Chequing		USD			9023				1058				34,488				34,487				34,488
133		CHC Leasing (Ireland) Limited		Bank of America, N.A. (London)		Chequing		EUR			9015				1064				175,561				163,810				196,091
134		CHC Leasing (Ireland) Limited		Bank of America, N.A. (London)		Chequing		EUR			3011				1065				—				—				—
135		CHC Netherlands B.V.		Bank of America, N.A. (London)		Chequing		USD			1032				1058				3,801				3,801				3,801
136		CHC Netherlands B.V.		Bank of America, N.A. (London)		Chequing		EUR			1024				1028				6,368				6,368				7,113
137		CHC Norway Acquisition Co AS		Nordea		Chequing		NOK			7321				n/a				—				—				—
138		CHC Norway Acquisition Co AS		Nordea		Chequing		NOK			8489				1015				813,678				813,677				96,586

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
139		CHC Norway Acquisition Co AS		Nordea		Chequing		USD			4422				1001				—				—				—
140		CHC Norway Acquisition Co AS		Nordea		Chequing		EUR			7283				1025				77,486				77,487				86,548
141		CHC Norway Acquisition Co AS		Nordea		Chequing		USD			4150				1005				76,097				76,097				76,097
142		CHC Norway Acquisition Co AS		Nordea		Chequing		CAD			1233				1000				32,651				32,651				25,037
143		CHC Norway Acquisition Co AS		Nordea		Chequing		GBP			1085				1010				64,747				64,747				85,917
144		CHC Norway Acquisition Co AS		Nordea		Chequing		NOK			7356				n/a				—				—				—
145		CHC Norway Acquisition Co AS		Nordea		Chequing		NOK			7348				n/a				—				—				—
146		CHC Norway Acquisition Co AS		Nordea		Chequing		EUR			7062				n/a				—				—				—
147		CHC Norway Acquisition Co AS		Nordea		Chequing		USD			2144				n/a				—				—				—
148		CHC Norway Acquisition Co AS		Nordea		Chequing		GBP			1312				n/a				—				—				—
149		CHC Norway Acquisition Co AS		Nordea		Chequing		CAD			1044				n/a				—				—				—
150		Heli-One (Netherlands) B.V.		Bank of America, N.A. (London)		Chequing		USD			9010				1006				3,615				3,615				3,615
151		Heli-One (Netherlands) B.V.		Bank of America, N.A. (London)		Chequing		EUR			1012				1028				152,214				152,214				170,013
152		Heli-One (Norway) AS		Nordea		Chequing		NOK			7372				n/a				—				—				—
153		Heli-One (Norway) AS—UK Branch		Bank of America, N.A. (London)		Chequing		GBP			0011				1010				72,010				72,009				95,555
154		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		USD			3335				1005				95				—				95
155		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		NOK			3327				account closed				account closed				account closed				—
156		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		GBP			3319				account closed				account closed				account closed				—
157		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		EUR			3301				account closed				account closed				account closed				—
158		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		CAD			3294				account closed				account closed				account closed				—
159		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		AUD			3286				account closed				account closed				account closed				—
160		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		USD			3278				account closed				account closed				account closed				—
161		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		NOK			3260				account closed				account closed				account closed				—
162		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		GBP			3252				account closed				account closed				account closed				—
163		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		EUR			3244				account closed				account closed				account closed				—
164		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		DKK			3236				account closed				account closed				account closed				—
165		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		DKK			3228				account closed				account closed				account closed				—
166		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		CAD			3210				account closed				account closed				account closed				—
167		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		AUD			3202				account closed				account closed				account closed				—
168		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		CAD			3088				1055				1,754				1,239				1,345
169		Heli-One Canada ULC		HSBC Bank Canada		Chequing		CAD			7001				1021				437,563				510,329				335,529
170		Heli-One Canada ULC		HSBC Bank Canada		Chequing		USD			7070				1022				184,914				342,263				184,914
171		Heli-One Canada ULC		HSBC Bank Canada		Chequing		CAD			3001				1021				2,301,751				2,788,486				1,764,769
172		Heli-One Canada ULC		HSBC Bank Canada		Chequing		USD			3070				1022				362,656				808,668				362,656

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
173		Heli-One Canada ULC		Societe Generale (USA)		Chequing		DKK			3599				1006				20,057				20,057				20,057
174		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		DKK			3343				1068				89,334				89,334				13,413
175		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		AUD			3195				1035				27,548				27,548				20,930
176		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		EUR			3179				1064				2,644				2,644				2,953
177		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		USD			3161				1058				4,608,557				4,608,557				4,608,557
178		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		CAD			3153				1055				8,519				8,519				6,533
179		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		NOK			3145				1066				3,518				3,518				418
180		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		GBP			3137				1061				2,810				2,810				3,728
181		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		USD			3129				1059				254,895				256,628				254,895
182		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		GBP			3111				1061				301				301				400
183		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		USD			3103				1058				78,461				78,461				78,461
184		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		CAD			3096				1055				4,736				4,736				3,632
185		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		EUR			3054				1064				7,240				7,240				8,087
186		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		NOK			3046				1067				985				985				117
187		Heli-One Canada ULC		Bank of America, N.A. (London)		Chequing		EUR			3038				1065				231				231				258
188		Heli-One Canada ULC		HSBC Bank Canada		Chequing		CAD			1001				1021				36,823				36,823				28,236
189		Heli-One Canada ULC		HSBC Bank Canada		Chequing		USD			1070				1022				60,612				60,612				60,612
190		Heli-One Holdings (UK) Limited		Nordea		Chequing		GBP			1033				1010				4,421				Zero				5,867
191		Heli-One Leasing (Norway) AS		Nordea		Chequing		NOK			8351				1015				34,979				34,979				4,152
192		Heli-One Leasing (Norway) AS		Nordea		Chequing		NOK			7380				n/a				—				—				—
193		Heli-One Leasing (Norway) AS		Nordea		Chequing		EUR			7256				1025				290				290				323
194		Heli-One Leasing (Norway) AS		Nordea		Chequing		USD			3308				1005				53,321				53,321				53,322
195		Heli-One Leasing (Norway) AS		HSBC Bank Canada		Chequing		GBP			1093				1010				33				—				44
196		Heli-One Leasing ULC		HSBC Bank Canada		Chequing		CAD			5001				1021				49,043				49,044				37,607
197		Heli-One Leasing ULC		HSBC Bank Canada		Chequing		USD			5070				1022				52,249				52,249				52,249
198		Heli-One Leasing ULC		Bank of America, N.A. (London)		Chequing		GBP			0065				1061				1,588				1,588				2,107
199		Heli-One Leasing ULC		Bank of America, N.A. (London)		Chequing		DKK			0057				account closed				account closed				account closed				—
200		Heli-One Leasing ULC		Bank of America, N.A. (London)		Chequing		EUR			0049				1064				46,746				46,746				52,212
201		Heli-One Leasing ULC		Bank of America, N.A. (London)		Chequing		NOK			0031				1066				81,275				81,275				9,648
202		Heli-One Leasing ULC		Bank of America, N.A. (London)		Chequing		CAD			0023				account closed				account closed				account closed				—
203		Heli-One Leasing ULC		Bank of America, N.A. (London)		Chequing		USD			0015				1058				19,330				19,330				19,330
205		Heli-One Norway AS		Nordea		Chequing		NOK			8394				1015				120,564,231				7,867,219				2,693,435
206		Heli-One Norway AS		Nordea		Chequing		EUR			7305				1025				2,850,745				2,843,832				3,184,074
207		Heli-One Norway AS		Nordea		Chequing		USD			3332				1005				881,573				449,061				881,539

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
208		Heli-One Norway AS		Nordea		Chequing		CAD			1907				1000				115,684				114,737				88,708
209		Heli-One Norway AS		Nordea		Chequing		GBP			1077				1010				362,139				317,192				480,549
210		Heli-One Norway AS		Nordea		Chequing		USD			1051				1001				—				—				—
211		Heli-One Norway AS		Nordea		Chequing		NOK			2785				1099				—				—				—
212		Heli-One UK Ltd.		Bank of America, N.A. (London)		Chequing		USD			4027				1005				account closed				account closed				—
213		Heli-One UK Ltd.		Bank of America, N.A. (London)		Chequing		GBP			4019				1010				73,679				73,679				97,770
214		Heli-One UK Ltd.		Nordea		Chequing		USD			1768				1006				78,865				78,865				79,037
215		Heli-One (U.S.) Inc.		Bank of America, N.A. (London)		Chequing		USD			1013				1059				11,327				14,118				11,327
216		Heli-One USA Inc.		Bank of America, N.A. (London)		Chequing		USD			2011				1058				46,113				46,113				46,113
217		Heliworld Leasing Limited		Commonwealth Bank		Chequing		EUR			5033				1025				19,271				19,271				21,524
218		Heliworld Leasing Limited		Bank of America, N.A. (London)		Chequing		USD			5025				1005				15,258				15,258				15,258
219		Heliworld Leasing Limited		Bank of America, N.A. (London)		Chequing		GBP			5017				1010				46,511				46,511				61,718
220		Integra Leasing AS		Nordea		Chequing		NOK			7437				1080				—				—				—
221		Integra Leasing AS		Nordea		Chequing		EUR			7153				1025				82,920				82,920				92,617
222		Integra Leasing AS		Nordea		Chequing		NOK			5243				1015				59,598				59,598				7,074
223		Integra Leasing AS		Nordea		Chequing		USD			1764				1006				—				—				—
224		Integra Leasing AS		Nordea		Chequing		USD			1625				1005				94,084				94,084				94,085
226		Lloyd Helicopters Pty Ltd.		Bank of America, N.A. (London)		Chequing		EUR			3031				1064				214,046				214,046				239,076
227		Lloyd Helicopters Pty Ltd.		Bank of America, N.A. (London)		Chequing		AUD			3023				1035				11,263,887				11,263,887				8,557,828
228		Lloyd Helicopters Pty Ltd.		Bank of America, N.A. (London)		Chequing		USD			3015				1058				4,080,643				4,080,643				4,080,644
229		CHC Helicopter S.A.		Bank of America, N.A. (USA)		Chequing		USD			7106				1058				291				291				291
230		CHC Helicopter S.A.		Bank of America, N.A. (USA)		Chequing		GBP			7114				1061				331				331				439
231		CHC Helicopter S.A.		Bank of America, N.A. (USA)		Chequing		EUR			7122				1064				21,340				21,340				23,836
232		CHC Helicopter S.A.		Bank of America, N.A. (USA)		Chequing		NOK			7130				1066				1,656				1,656				197
232		CHC Global Operations Canada (2008) ULC - Equatorial Guinea Branch		Petty cash		Cash on hand		USD			Cash on hand				1090				10,873				10,873				10,873
233		CHC Global Operations International ULC - Romania		Petty cash		Imprest bank account		USD			Cash on hand				1080				1,270				1,270				1,270
234		CHC Global Operations International ULC-Kazakhstan Branch		Petty cash		Cash on hand		USD			Cash on hand				1090				826				826				826
235		CHC Global Operations International ULC-Kazakhstan Branch		Petty cash		Imprest bank account		USD			Cash on hand				1080				2,750				2,750				2,750
236		Heli-One Norway AS									payment in transit				1093				(4,498	)			(4,498	)			(4,498	)
237		CHC Holding (UK) Limited		Cash held at Finacity		Cash on hand		USD			Cash on hand				1099				438,296				438,296				438,296

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
238		Lloyd Helicopters Pty Ltd.		Petty cash		Cash on hand		USD			Cash on hand				1099				152,986				152,986				152,986
239		Lloyd Helicopters Pty Ltd.		Cash held at Finacity		Cash on hand		USD			Cash on hand				1093				783,026				783,026				783,026
240		CHC Global Operations (2008) ULC		Imprest  bank account		Cash on hand		USD			Cash on hand				1080				11,319				11,319				11,319
241		CHC Global Operations (2008) ULC		Petty cash		Cash on hand		USD			Cash on hand				1090				10,953				10,953				10,953
242		CHC Global Operations International ULC		Imprest  bank account		Cash on hand		USD			Cash on hand				1080				33,394				33,394				29,431
243		Integra Leasing AS		Cash held at Finacity		Cash on hand		USD			Cash on hand				1099				642,242				642,242				642,272
244		Heli one Canada ULC		Petty cash		Cash on hand		USD			Cash on hand				1090				365				365				365
		Balance per financial statements																								$	190,767,628

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-5
Bank Reconciliations	JULY 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
245		CHC Global Operations International Inc. - Kazakhstan Branch		ATF Bank		Restricted Account		KZT			580								2,400,000				2,400,000				6,818
246		CHC Global Operations International Inc. - Kazakhstan Branch		ATF Bank		Restricted Account		KZT			432								148,000				148,000				420
247		CHC Global Operations International Inc. - Kazakhstan Branch		ATF Bank		Restricted Account		KZT			377								740,000				740,000				2,102
248		CHC Global Operations International Inc. - Kazakhstan Branch		ATF Bank		Restricted Account		KZT			309								150,000				150,000				426
249		CHC Global Operations International Inc. - Kazakhstan Branch		ATF Bank		Restricted Account		KZT			246								441,000				441,000				1,253
250		CHC Global Operations International Inc. - Kazakhstan Branch		ATF Bank		Restricted Account		KZT			68								906,000				906,000				2,574
251		Lloyd Helicopters Pty Ltd.		Commonwealth		Restricted Account		AUD																			3,341,508
252		RBS re Lombard Leasing Heli One Leasing		RBS		Restricted Account		USD											92				92				92
253		Heli-One Norway AS		Nordea		Restricted Account		Nok																			2,106,568
		Total restricted cash																								$	5,461,762

 

 

Monthly Operating Report

ACCRUAL BASIS-6

 

CASE NAME:	CHC Group Ltd., et al.
CASE NUMBER:	16-31854 (jointly administered)

 

MONTH:

July 2016

 

PAYMENTS TO INSIDERS AND PROFESSIONALS

 

INSIDERS
		NAME		TYPE OF PAYMENT		AMOUNT PAID				TOTAL PAID TO DATE
1.		John McKenna		Calendar Q2 Director Fees		$	37,500			$	37,500
2.		William Schrader		Calendar Q2 Director Fees			36,250				36,250
3.		William Schrader		BoD Expenses			705				705
4.		William Transier		Calendar Q2 Director Fees			35,000				35,000
5.		William Transier		BoD Expenses			948				948
6.		TOTAL PAYMENTS TO INSIDERS				$	110,403			$	110,403

 

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.		ALVAREZ & MARSAL, LLC		DOCKET 274 & 570		AS INVOICED		$	—			$	302,872			$	—
2.		FTI CONSULTING (US)		DOCKET 274 & 570		AS INVOICED			153,110				153,110				—
3.		LATHAM & WATKINS		DOCKET 274 & 570		AS INVOICED			252,080				252,080				—
4.		KURTZMAN CARSON CONSULTANTS LLC		DOCKET 60		AS INVOICED			252,496				252,496				—
5.		CDG GROUP LLC		DOCKET 266		AS INVOICED			344,658				344,658				—
6		PAUL HASTINGS LLP		DOCKET 274 & 570		AS INVOICED			370,901				370,901				156,100
7.		NORTON ROSE		DOCKET 274 & 570		AS INVOICED			399,995				399,995				—
8.		AKIN GRUMP STRAUSS HAUER & FELD LLP		DOCKET 274 & 570		AS INVOICED			553,803				553,803				—
9.		TOTAL PAYMENTS TO PROFESSIONALS						$	2,327,043			$	2,629,915			$	156,100

 

Professional fee accruals were $18.3 million at July 31, 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

 

 

 

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-6 (1 of 2)
Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments - AIRCRAFT LEASES	JULY 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				—				286,465
AE Helicopter (6) Ltd.			100,558				—				286,465
ANZ Leasing (VIC) Pty Ltd			417,466				410,269				775,394
Brent Investments LLP			206,410				—				592,597
Coface - Parilease			210,133				—				1,978,734
Element Capital Corp.			190,416				—				546,677
GE Capital Equipment Finance Ltd			85,979				243,824				247
GE European Equipment Finance (Aircraft No. 2) Limited			101,693				—				289,852
Leonardo Helicopter (1) LLC			101,057				—				285,695
Leonardo Helicopter (2) LLC			110,748				—				314,382
Leonardo Helicopter (3) LLC			108,425				—				307,788
Leonardo Helicopter (6) LLC			116,318				—				311,433			(1)
Lobo Leasing SPV A Limited			468,200				837,008				374,560
Lombard North Central PLC.			438,353				—				1,265,304
Lombard North Central PLC. - EDC			633,268				461,955				1,333,564
Macquarie Rotorcraft Leasing (Ireland) Ltd			210,899				209,100				391,219
Milestone Aviation Holding Group No. 20 Ltd			149,104				134,018				222,472
Milestone Aviation Holding Group No. 25 Ltd			2,949,641				79,302				8,236,659
Milestone Aviation Holding Group No. 8 Ltd			1,547,311				618,437				3,688,976
Milestone Export Leasing, Ltd			755,934				—				2,170,262
Parilease SAS			50,129				—				52,753
SE Helicopter (12) LLC - Ex-Im Bank USA			221,774				—				658,169			(2)
SE Helicopter (12) LLC - Export Development Corporation			17,652				—				52,388			(2)
Skandinaviska Enskilda Banken AB (PUBL)			71,200				146,010				55,230
Waypoint Asset Co 3 Limited			1,253,378				1,002,310				2,529,255
Waypoint Asset Co 6 Limited			612,186				229,983				1,630,494
Waypoint Asset Co 8 Limited			564,064				506,303				1,065,213
Waypoint Asset Company Number 1 (Ireland) Ltd			880,925				929,204				1,582,731
Waypoint Asset Company Number 2 (Ireland) Ltd			852,280				839,244				1,274,475
Grand Total		$	13,526,059			$	6,646,967			$	32,559,453

 

Notes: The above excludes the 61 approved rejected leases as at June 30, 2016.

(A)

Refers to the rent amount covering the period July 1, 2016 - July 31, 2016 (including fees and taxes).

(B)

Refers to the total rent amount paid in July 2016 (including advance payments).

(C)

Refers to the rent amount covering the period May 5, 2016 - July 31, 2016 unpaid as of July 31, 2016.

 

(1)

Lease payment in respect of aircraft SN 31444 paid in error via BNP Paribas SACE retention account on May 9, 2016, but was refunded back to retention account on June 14, 2016.

(2)

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.

 

  

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-6 (2 of 2)
Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments - DEBT	JULY 31, 2016

 

Creditor		Type of Debt		Scheduled Monthly Payments Due				Amounts Paid during Month				Total Unpaid Post Petition				Note:
HSBC		Senior Secured Note		$	7,818,479				—			$	22,673,590
HSBC		Senior Unsecured Note (SUN)			740,096				—				2,146,279
HSBC		Senior Secured Revolver (SSR)			1,694,929				—				4,747,003
MORGAN STANLEY		ABL Revolver Loan (ABL)			475,724				—				1,379,600
TOTAL				$	10,729,228				—			$	30,946,472

 

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. 

 

 

Monthly Operating Report

ACCRUAL BASIS-7

 

CASE NAME:	CHC Group Ltd., et al.
CASE NUMBER:	16-31854 (jointly administered)

 

MONTH:

July 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 severance order.
5.	Intercompany only, cash management order Docket #288.

 

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

 

  

CHC Group Ltd., et al.	Monthly Operating Report
Case Number: 16-31854 (jointly administered)	ACCRUAL BASIS-7 (1 of 1)
Additional MOR Reporting	JULY 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.		Pre-petition PTO Cash-Outs paid during the period in relation to the Final Employee Obligation Order (Docket 289)			92,415
5.		Post-petition Severance (including associated benefits) paid during the period in relation to the Severance Order (Docket 272)			442,498
6.		Amounts paid to Repair Shops, Shippers, Warehousemen and other lien claimants pursuant to the Repair Shop Order (Docket 689)			—

 

Local currency amounts have been converted to USD using Bank of Canada period end conversion Rate