Prism Helicopters Limited

In Receivership

Page last updated: April 17, 2014

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.


Status of File as of April 3, 2014

On April 3, 2014 the Court approved orders for the sales to 933389 NWT Limited and 3542564 Canada Inc.. The court also approved an order for distribution of the net proceeds.

Status of file as of March 28, 2014

On March 20, 2014, the Receiver prepared its Third Report to inform the Court of (i) the Receiver's activities to date; (ii) the Receiver's Receipts and Disbursements from the Date of Appointment to March 17, 2014; (iii) the outcome of the Cheyenne Sale Transaction; and (iv) the results of the sale process in relation to the remaining aircraft.

On April 3, 2014, the Receiver will make a motion for an Order (i) approving the sale of aircraft registered C-FZQW to 933389 NWT Limited; (ii) approving the sale of aircraft registered N73LF to 3542564 Canada Inc.; and (iii) approving an interim distribution to the Secured Lender in an amount up to $2,335,000.

Status of file as of January 3, 2014

On January 3, 2014, the Receiver prepared its Second Report to inform the Court of (i) the Receivers activities to date; (ii) the Receivers Receipts and Disbursements from the Date of Appointment to December 30, 2013; and (iii) the results of the sale process in relation to the remaining aircraft.

On January 13, 2014, the Receiver will make a motion for an Order (i) approving the Receiver's activities as set out in the Second Report; (ii) approving the Receiver's Statement of Receipts and Disbursements as set out in the Second Report; (iii) approving the fees and disbursements of the Receiver and its counsel, including an accrual for the costs required to complete the Receivership Proceedings (iv) approving the sale of two Eurocopters and the Prism Helicopters Inc. shares to Cheyenne Leasing; (v) approving the final distribution of funds to the Secured Lender; and (vi) approving the Receiver's discharge subject to completion of the remaining duties.

Status of file as of November 19, 2013

On November 19, 2013 the Court approved orders for the sales to Classic Helicopters Limited and Westcan Aircraft Sales and Salvage Ltd., Cypress Ridge Holdings Ltd., Granmac Services Ltd. and Soloy Helicopters LLC. The Court also approved an order for distribution of the net proceeds.

Status of file as of November 14, 2013

On November 12, 2013, the Receiver prepared its First Report to inform the Court of (i) the Receiver’s activities to date; (ii) the status of insolvency proceedings in the United States; (iii) the results of the Sale Process undertaken by the Receiver in respect of a sale of certain portions of the Property to Classic, Granmac, Cypress Ridge and Soloy; and (iv) the Receiver’s receipts and disbursements from the Date of Appointment to November 1, 2013.

On November 19, 2013, the Receiver will make a motion for an Order (i) approving the sale of certain portions of the Property of the Company to Classic, Granmac, Cypress Ridge, and Soloy; (ii) approving the First Report, the Receiver's Sale Process and the activities of the Receiver; (iii) sealing the confidential appendix to the First Report pending the closing of the Sale Transactions, and (iv) approving an interim distribution of the net proceeds of the Sale Transactions to the Secured Lender.

Status of file as of October 2, 2013

The Receiver is conducting a sale of the assets of Prism Helicopters and are seeking offers from interested parties. The assets for sale include Aircraft, Operations Equipment, Tools and Shop Equipment, Spares Inventory and bases located in Port McNeill, BC and Stewart, BC.

Interested parties are invited to contact Jonathan Reimche at 604 806 7900 or jonathan.p.reimche@ca.pwc.com for further information.

Status of file as of September 4, 2013

Prism Helicopters Limited has been placed into receivership, as per an Order of the British Columbia Supreme Court. A copy of the Court Order can be found on this site, under Court Orders. A mailing to all known creditors will take place within the next 10 days, and will also be posted to this website. We will update this website with further information as it becomes available.


This Web site will be updated as information becomes available.

For more information, please contact: Patricia Marshall, Telephone: +1 604 806 7050 ext 4146, Fax: +1 604 806 7806 or via Email.