This website uses cookies
More information
The monthly news publication for aviation professionals.

Why visit ACE ’24?

Related background information from the Handbook...

PHI Aviation
Charter

BAN's World Gazetteer

Louisiana
The monthly news publication for aviation professionals.

Request your printed copy

PHI sets finances straight after restructuring
PHI is active in more than 70 locations around the world and specialises in providing helicopters for oil and gas and air medical applications. It has been going through Chapter 11 proceedings and is pleased with its progress.

PHI has announced that the United States Bankruptcy Court for the Northern District of Texas has confirmed the amended plan of reorganisation of PHI and its principal US entities (the debtors) and indicated that it will issue a written order to this effect, representing the last major milestone in the company's restructuring process. The company, which is responsible for a fleet of 240 helicopters, expects to consummate the plan and successfully emerge from Chapter 11 by the end of August with a sustainable debt structure that positions the company for long-term success.

“The Court has now confirmed our plan, clearing a path for us to emerge with balance sheet strength that matches our industry leading positions,” COO and president Lance Bospflug says. “Our management team has always been confident that PHI would complete this process as a stronger company, employer and business partner, and we have achieved each of these goals with our confirmed plan. We have a strong, committed culture and now the positive momentum we need for this talented team to even better serve our customers and other stakeholders, when we emerge from this process.”

Upon emergence, PHI's unsecured creditors will own 100% of the company's equity, subject to the issuance of warrants to current equity holders and future dilution. PHI also expects to gain access to $225 million of new five-year term loan financing aligned with its current business plan and to receive an infusion of new equity financing from certain of its current unsecured creditors. Upon the effective date, Al Gonsoulin will retire as the CEO and chairman of the board of PHI. Upon the effective date, Lance Bospflug will become PHI's chief executive officer and will be named to the company's new board of directors.

Other News
 
H160 enters into service in US with PHI Aviation
July 5, 2024
This first US-based H160 will be used by PHI in a route-proving programme designed to demonstrate its capabilities in the offshore environment prior to beginning commercial operations.
PHI adds AW189 super-medium to global fleet
May 28, 2024
The twelve helicopters are comprised of firm orders and options, and include a service centre agreement, MRO agreement and training solutions for the AW139 and AW189 models.