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Solus Alternative Asset Management reduced its stake after securing a Board seat in Bristow Group

Key Summary: In 2019, Global Value Investment Corp (GVIC) launched a proxy fight at Bristow Group, criticizing its poor financial performance and the highly dilutive Columbia acquisition, and demanding board resignations. GVIC urged the board to explore all financing options before considering debt restructuring or Chapter 11. Despite GVIC's opposition, Bristow filed for Chapter 11 in May 2019, emerged in October 2019, and subsequently merged with Era Group in June 2020, adopting the Bristow name and "VTOL" ticker. Following the merger, Solus Alternative Asset Management (initially holding 19.7%) gained board representation but later reduced its stake to 17.8%.
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