PHI Chapter 11
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PHI Chapter 11
It’s been announced that PHI (USA) has just entered voluntary CH 11. Great way to jettison any old leases and re structure debt. They will emerge very strong.
Join Date: Nov 2007
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Well, well, well. PHI enacting the get out of jail free card, shame that companies can do this and not the man/woman in the street that has been ripped off by the banks.
Join Date: Jan 2010
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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?
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?
As some have no concept of how Chapter 11 Bankruptcy procedures are conducted in the USA.....read this for a quick explanation.
https://www.uscourts.gov/services-fo...kruptcy-basics
https://www.uscourts.gov/services-fo...kruptcy-basics
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...
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...
