Some forget more than half the debt load PHI has was from cleaning up the issues prior to Big Al buying the company for a mere $22M. Back then every aircraft was collateral on some loan somewhere and things were sliding down a path that didn't end in 11, but rather 7.
It will be very interesting to see how the landscape changes once PHI emerges out of 11. As far as I've read, HNZ was not directly affected by this move and with Bristow on shaky ground and CHC still finding its direction, we may see a new approach to offshore work. Add in several other operators that are ripe for a buyout it may even go beyond the offshore market.
Seems I recall, many moons ago, a different GOM operator emerging out of CH.11 and subsequently purchasing a rather substantial operator which ended with changing the logo from a snowflake to a pinwheel. To quote an anonymous author: as the rotor turns...