Discovery Air, a Canadian aviation holding focused on specialised services, was granted the right to sell its wholly-owned subsidiaries Air Tindi (8T, Yellowknife), Great Slave Helicopters (Yellowknife), and Discovery Mining Services on April 4 as a part of the company's restructuring efforts under bankruptcy protection.
According to the company's press release, bids for all three wholly-owned subsidiaries, as well as for Discovery Air's minority shares in other defence companies, can be submitted until May 21, 2018, with the auction scheduled for May 31. Transactions are expected to conclude, subject to court approval, by July 31. Until this time, all three subsidiaries will continue to operate as planned.
Air Tindi is a passenger and cargo regional specialist operating a network of scheduled and charter flights mostly out of Yellowknife in Canada's Northwest Territories. Great Slave Helicopters provides charter chopper services out of Yellowknife.
On March 21, 2018, the Canadian holding was granted protection under the Companies' Creditors Arrangement Act ("CCAA"), a bankruptcy protection law. The protection, which bans creditors from suing either Discovery Air or any of its subsidiaries for the retrieval of debts, was later extended to June 29, 2018. The holding expects to extend the protection further until the sale of subsidiaries is completed.
As of April 27, Discovery Air's Convertible Unsecured Subordinated Debentures will be delisted from the Toronto Stock Exchange.
