PHI Chapter 11
Joined: Nov 2007
Posts: 24
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From: Norway
Joined: Jul 2004
Posts: 816
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From: Home
Joined: Jan 2010
Posts: 54
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From: Terminal 5
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?
Joined: May 2002
Aviation Qualifications: ATP+Mil
Posts: 18,633
Likes: 1,072
From: Downeast
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
Joined: Oct 2006
Aviation Qualifications: A&P
Posts: 1,346
Likes: 270
From: USA
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...
