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.