Origins The origins of CHC Helicopter can be traced back to the start of commercial helicopter operations in
British Columbia. Following the end of the
Second World War, two former
Royal Canadian Air Force (RCAF) instructors, Carl Agar and Barney Bent, aspired to continue flying aircraft and chose to form their own flight training club, the
South Okanagan Flying Club, in
Penticton using a handful of
de Havilland Tiger Moths. Shortly thereafter, Carl and Barney partnered with ex-RCAF engineer Alf Stringer to join the group. However, as there was not much demand for private pilot training at the time, the three men chose to relocate the business to
Kelowna and rebranded it as
Okanagan Air Services Ltd. Early on,
Okanagan Air Services operated only fixed-wing aircraft, such as a pair of
Cessna 140s, to perform
charter and training flights. The company's initial use of its helicopter largely revolved around
crop dusting; on 1 September 1947,
CF-FZX was damaged after striking powerlines, but was repaired after several months. During the 1990s and 2000s, CHC continued to acquire various other operators, including
British International Helicopters in 1994; Helicopter Services Group of Norway in 1999 (including
Bond Helicopters), Helikopter Service AS, Lloyd Helicopters of Australia and
Court Helicopters of South Africa. During 2004, CHC decided to reorganize its operations into two principal divisions;
Helicopter Services became responsible for the firm's global operations, while
Heli-One functions as the world's largest independent provider of helicopter maintenance, repair, and overhaul services. As part of the restructuring, the company relocated its corporate headquarters from
St. John's, Newfoundland and Labrador to
Richmond, British Columbia. In late February 2008, all of CHC's shares were purchased by
First Reserve, a US private equity company, for CAD$3.7 billion ($3.5 billion), following the latter's uninvited offer. Around this same time period, the word "Corporation" was dropped from the company's name, having been formally rebranded as
CHC Helicopter. In January 2014, the company announced its intention to raise up to $529 million through an
initial public offering, the proceeds of which it mainly intended to use to paydown its outstanding debts. On January 16, 2014, CHC announced an initial public offering of 31,000,000 shares at a price of $10 per share. On January 15, 2016, CHC offered 31,000,000 shares at US$5.17. On February 1, 2016 the New York Stock Exchange delisted the CHC's ordinary shares, pursuant to Section 802.01B of the NYSE's Listed Company Manual requiring NYSE-listed companies to maintain an average market capitalization of $15 million or more over the preceding thirty trading days. The NYSE also suspended trading of the Company's ordinary shares effective immediately. On May 5, 2016, the company filed for
Chapter 11 Bankruptcy. CHC's bankruptcy was attributed to recent drops in the price of oil having negatively impacted revenue, making it unable to service the company's high burden of debt; other helicopter operators were also reported to be struggling under the prevailing economic conditions of the period as well. Reflecting the company's drop in performance, CHC's share value dropped from US$176.10 on November 17, 2014 to US$0.45 by June 17, 2016. During July 2016, a Texas court allowed CHC to shed 65 helicopters from its financial obligations, the majority of its
Eurocopter AS332 Super Puma fleet. On March 1, 2017, a reorganized CHC emerged, relaunching its brand and web presence. Key creditors took over majority ownership of the newly restructured company, but the deal froze out existing shareholders. In December 2019, a 18-month-long dispute between CHC and British
union staff over pay was settled. == CHC EMS and SAR services ==