March 15, 2019 / 11:47 PM / a month ago

PHI joins ranks of offshore helicopter companies in Ch. 11 bankruptcy

Helicopter services provider PHI Inc on Thursday sought Chapter 11 bankruptcy protection in response to the imminent maturity of some $500 million in notes it was unable to refinance as well as the lingering effects of the recent oil industry downturn.

PHI in court papers filed in U.S. Bankruptcy Court in Dallas said it aims to resume negotiations with noteholders on restructuring the debt and anticipates emerging from Chapter 11 in “relatively short order” and with a “more sustainable balance sheet.”

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