Debts and bankruptcy
In 2012, the company announced layoffs for its subsidiary Air Tindi.[15]
In 2016, Premier Aviation completed purchase of Discovery Air Technical Services.
In 2017, Discovery Air completed the sale of Discovery Air Fire Services.
In 2017, Discovery Air completed a privatization transaction.[16]
In December 2017, after Discovery Air Defence Services had a reorganized standalone financing plan laid out, two directors of Discovery Air left to become directors of Discovery Air Defence Services.[17] Discovery Air Defence was acquired by the Clearvest investment firm through a questionable deal where cleared debts in return for shares in DA Defence, but without going through the approval process which should include all debt covenants.[18] This led to a shareholders' debacle that precipitated the company's imminent bankruptcy. A group of investors was created to block Clearvest's progress in buying out Discovery Air's assets.[19]
In March 2018, after declaring a bankruptcy for a $149 million debt, Discovery Air was granted creditor protection under the federal Companies' Creditors Arrangement Act. The Clairvest Group, the largest creditor of Discovery Air ($72.7 million) offered to acquire Air Tindi, Great Slave Helicopters and Discovery Mining Services Ltd.[20] In April 2018,the court processed a sale solicitation process concerning Air Tindi, Great Slave Helicopters and Discovery Mining Services Ltd.[21] On 27 April 2018, Discovery Air was delisted from the Toronto Stock Exchange.[22]
In September 2018, Great Slave Helicopters, after obtaining a creditor's protection from Ontario Superior Court of Justice, initiated a restructuration program to prepare for its sale.[23] In November 2018, Great Slave Helicopters was sold to Great Slave Helicopters 2018 Ltd. (formerly known as 11088211 Canada Corp), owned by Pat Campling Jr, a former interim CEO of West Wind Aviation.[24]
