Case timeline

1. Aug 22019
   Plan: PHI confirms plan in $700 million debt restructuring

   The court confirmed PHI, Inc.’s Third Amended Joint Chapter 11 Plan, moving the helicopter-services operator from a maturity-driven filing into plan implementation source filing. PHI filed Chapter 11 on March 14, 2019, with affiliated debtors including PHI Air Medical, AM Equity Holdings, PHI Tech Services and PHI Helipass, after a $500 million issue of 5.25% senior notes came due on March 15 source filing source filing. The company entered court with about 238 aircraft, 2,218 employees, roughly $675 million of 2018 revenue, and about $700 million of funded debt, including $200 million of secured obligations and the $500 million unsecured note stack source filing.

   The confirmed plan pays the affiliate Thirty Two secured claim in cash at an allowed amount of $132.25 million, leaves Blue Torch unimpaired through payment in full or reinstatement, and shifts value to senior noteholders and other general unsecured creditors through new common stock or warrants source filing. Existing PHI equity is cancelled, with old-equity settlement warrants available only under the plan’s settlement mechanics and excluding Al A. Gonsoulin and his affiliates. The order also approves the plan’s global settlement structure, limited substantive consolidation, releases and issuance of new securities, making confirmation the central resolution event in the case source filing.

   Sources and provenanceAugust 2, 2019