Rotorcraft
Offshore Helo Services Company PHI Exits Bankruptcy
The Louisiana-based helicopter services company emerges from Chapter 11 bankruptcy with new equity capital, $225 million loan.

Helicopter offshore services company PHI and its principal U.S. subsidiaries, including PHI Air Medical, have exited Chapter 11 bankruptcy, shedding $500 million in debt and acquiring new equity capital and a $225 million five-year term loan, it announced yesterday afternoon. “Our ability to successfully emerge from bankruptcy less than six months after our Chapter 11 filings and strengthen our balance sheet, while maintaining and continuing to expand our safety and service commitments, is a testament to the hard work of our talented employees and the strength of our relationships with our customers and partners,” said PHI chief executive Lance Bospflug.