Helicopter Services Company PHI Files for Bankruptcy | Aviation International News

Helicopter Services Company PHI Files for Bankruptcy

PHI said it would continue to operate while it restructures under federal bankruptcy protection.

By Mark Huber • Contributor

March 15, 2019

In a widely anticipated move, helicopter offshore services company PHI filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas yesterday. PHI’s move was triggered by its failure to repay $500 million worth of unsecured 5.25 percent senior notes due this month. PHI telegraphed a likely bankruptcy filing as early as last October when it terminated a previously announced cash tender offer for the repurchase of those notes and had been under pressure from creditors and investors to sell off its profitable air medical division to satisfy that obligation.

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