PHI state it's "business in usual" until they emerge from Chapter 11 in a few months time when they say they will be free of debt and financially healthy. If it really is so easy why don't Bristow, CHC and in fact all helicopter companies voluntarily enter Chapter 11 every few years? They could write it into their 5-year business plan! Assuming anyone in this business is planning that far into the future these days.
What I cannot understand is they received a $70m loan this week - how can any company be intentionally allowed to borrow that sort of money when they intend to become bankrupt and presumably not pay their creditors?
Are there any penalties for voluntarily entering Chapter 11?