The story
Acquisitions and growth
In 2004, Discovery Air was created by David Taylor. It was incorporated by the Pacific & Western Bank of Canada, whose CEO and president was David Taylor. In December of the same year, Discovery Air acquired 50% of Hicks & Lawrence, later renamed "Discovery Air Fire Services", with the other 50% being acquired in 2005.
In April 2006, Discovery Air completed an initial public offering of $3.85 million. Discovery Air then purchased Great Slave Helicopters (GSH) in June 2006, Air Tindi in December 2006, the Wheel Division Assets of Walsten Air Service (through its subsidiary Hicks and Lawrence) in March 2007, Top Aces (later renamed Discovery Air Defence Services) in August 2007, and Discovery Mining Services in January 2008.
In 2008, David Taylor stated, "When we were ousted from the board and management, the wonderful business that we had created was promptly destroyed by the incompetent new board and management creating significant hardship for Discovery Air's loyal employees and wiping-out shareholder value." In September 2008, Discovery Air Announced a new interim chief executive officer.
In January 2009, Discovery Air received a Can$34 million loan from the Government of the NWT, which had been repaid by 2012.
In November 2009, Discovery Air announced appointment of financial officers.
In October 2010, Discovery Air started operations at Discovery Air Technical Services. In 2011, Discovery Air announced the opening of a new business unit, Discovery Air Innovations, which signed a provisional deal with Hybrid Air Vehicles to purchase hybrid airships for use in Northern Canada. The deal, which the companies hoped to have finalised by 2012, and could have involved up to 45 airships at $40 million per craft, with the first being delivered in 2014. In 2011, Discovery Air Fire Services announced the launch of a new subsidiary, Discovery Aviation Academy. On 8 August 2012, it was announced that Discovery Air had let the deal with Hybrid Air Vehicles lapse as they no longer wished to purchase the vehicles.
In 2012, Great Slave Helicopters acquired Servicios Aéreos Helicopters in Chile, which became Helicopters.cl SpA after the sale, and Great Slave Helicopters acquired Northern Air Support. In 2013, Discovery Air acquired Advanced Training Systems International Inc.
Debts and bankruptcy
In 2012, the company announced layoffs for its subsidiary Air Tindi.
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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.
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. 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. 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.
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. In April 2018, the court processed a sale solicitation process concerning Air Tindi, Great Slave Helicopters and Discovery Mining Services Ltd. On 27 April 2018, Discovery Air was delisted from the Toronto Stock Exchange.
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. 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.
From Wikipedia’s article on Discovery Air, shared under CC BY-SA 4.0.3