Documents filed in an Ontario court show that Great Slave Helicopters (GSH) has reached a deal to be sold.
The deal was overseen by third party monitoring company KSV Advisory Ltd. who had helped GSH file for bankruptcy protection earlier this year.
“I’m glad to see a new owner who understands the business, understands the north. I think, given the circumstances, it’s a positive outcome for what was a difficult sale process,” said Al Martin, Owner, Great Slave Helicopters.
The company will now be sold to a numbered company simply labeled as 11088211 Canada Corp, also referred to as the purchaser. The numbered company is owned by Patrick Campling Jr., Martin confirmed.
Yellowknifer erroneously reported that Westwind Aviation, based out of Saskatchewan, was buying GSH. In fact, the company’s former CEO Patrick Campling Jr. is listed as the president of the purchaser. Campling was CEO of Westwind from April to October of this year, according to company news release from Oct. 3.
In a sworn affidavit attached to the motion of sale Martin states that he was advised that there were a number of bids to purchase the company. That same affidavit claims that the purchaser had the highest bid and would ensure “the continuation of substantially all of the business.”
“The offer set out. . . was the highest or best offer and provides for the acquisition of the majority of the Applicant’s assets (although it excludes the Aircraft),” states the affidavit.
Martin said the new owners recognize the importance of working in the north and are currently reviewing operations to decide the number of jobs that will be retained in the territory. The company currently employees over 250 employees, according to GSH’s website.
The sale of the company is expected to ensure that a large number of those jobs will be saved, if a sale had not been reached all employment would have been ceased.
“They’ve basically made the offer, they’re working with people within Great Slave just to get a good feel as to how they’re going to operate going forward. I’m hoping for a reasonable number of jobs to be retained certainly in the north,” said Martin.
The deal is set to be finalized next Thursday, Nov. 23, Martin said he sees no reason why the deal wouldn’t be finalized. Once the deal is finalized the purchaser will take responsibility for 86 contracts and 24 aircraft owned by Great Slave Helicopters.
Martin could not confirm if the company’s headquarters would remain in the north but said he understands it is a key focus of the new owners to keep business North of 60.
Campling Jr. could not be reached for comment as of press time.