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    NEWS | Restructuring PHI Inc

    PHI Filed for Voluntary Chapter 11 Protection

    PHI Inc and its principal US entities filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas in order to best position PHI for future success. Company will continue to operate normally and expects to conclude process by August


    PHI Filed for Voluntary Chapter 11 Protection

    PHI, March 15, 2019 - LAFAYETTE, LA - PHI, Inc. (Nasdaq:PHII (voting); PHIIK (non-voting)) today announced that PHI and its principal U.S. entities filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas to address the upcoming maturity of PHI's unsecured senior notes and strengthen its balance sheet in order to best position PHI for future success.

    All of PHI's businesses are operating in the ordinary course and are anticipated to continue to do so for the duration of the Chapter 11 process. In the view of both PHI's Board and management team, this is the best course of action to promote the Company's financial wellbeing, strengthen its competitive position in the industry, and advance the interests of PHI and its stakeholders, while maintaining the Company's commitments to its customers and, above all, the safety of its employees and passengers.

    With existing cash on hand and the net proceeds from the $70 million in funding the Company received on March 13, 2019 under its new term loan with Blue Torch Capital LLC, as well as ongoing cash flows from operations, PHI expects to have sufficient liquidity to continue its business operations uninterrupted.

    As always, PHI is resolute in its commitment to its core values of safety, quality, efficiency and customer service during this period of reorganization and into the future. The Company's management is confident that PHI will complete this process as a stronger company, employer, and business partner.

    The Company stated: "After working closely with our advisors since the spring of 2018, interacting with our various stakeholders, and carefully evaluating all possible options, the Board concluded that pursuing Chapter 11 protection is the most appropriate course of action to address our matured debt and strengthen our balance sheet. We are confident this will position the entire company for continued leadership in the industry and provide a platform for PHI's long-term success. We remain fully committed to all of our stakeholders and to operating with the highest standards of safety and quality as we navigate this process, which we believe is the best option for a timely and efficient resolution to our financial situation."

    The Chapter 11 cases include PHI's principal U.S. entities. PHI's international operations in Mexico, Canada, Trinidad & Tobago, Cyprus, Ghana, Israel, Saudi Arabia, the Philippines, Australia, and New Zealand are not included in the Chapter 11 cases.

    PHI remains in discussions with the holders of its $500 million in unsecured notes and their advisors to consider alternatives to address PHI's outstanding debt obligations. The Company is also engaged in ongoing discussions with its various lessors to address certain of its above-market lease obligations. Importantly, the Company believes that its creditors and lessors will be supportive of PHI and its prospective business strategy and, to that end, anticipates filing a plan of reorganization in the early stages of the Chapter 11 process.

    PHI has filed a series of motions that, subject to Court approval, will allow it to maintain its usual employee compensation and benefit programs, make payments for goods and services in the normal course, and otherwise operate its business as usual. These motions are typical in a Chapter 11 process and the Company does not anticipate any opposition to its motions.

    PHI, Inc. is working to emerge from bankruptcy in the summer of 2019 with a significantly reduced and more sustainable debt structure that will position the Company for long-term success.

    Additional information about the Chapter 11 cases can be found by visiting PHI's dedicated microsite: Claims information can be found at: PHI has also established a hotline to ensure a prompt response to questions, which may be accessed at +1 (844) 216-8745 in the U.S. and Canada or by dialing +1 (347) 761-3249 internationally.

    PHI, Inc. is advised in this matter by Houlihan Lokey, FTI Consulting, DLA Piper, and Jones Walker.

    ABOUT PHI, INC.: PHI, Inc. is one of the world's leading helicopter services companies, operating over 240 aircraft in over 70 locations around the world. Known industry wide for the relentless pursuit of safe, reliable helicopter transportation, PHI offers services to the offshore Oil and Gas, Air Medical applications, and Technical Services applications around the world.

    The highly trained pilots, maintenance technicians, clinicians and diverse professional talent across the organization gives the company a great depth in all areas of operation and is composed of highly skilled, dedicated, and loyal employees. In addition to operations in the United States, the company has operated in 43 foreign countries and continues to operate for customers across the globe. PHI's Headquarters are in Lafayette, Louisiana USA and PHI employs approximately 2,200 personnel globally.

    This article is listed in :
    Restructuring PHI Inc
    Oil and Gas Industry in International
    --Helicopters Markets & Finance
    What links here :
    Bankrupt PHI Lost $141 Million in 2018




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