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[$$] Helicopter Company PHI Lands in Bankruptcy for 'Breathing Spell'

Inc. said its bankruptcy filing late Thursday will give it a “breathing spell” from $500 million in debt that came due Friday and that it continues to explore options to reorganize, including negotiating with bondholders. The Lafayette, La.-based company said cash on hand and a new $70 million term loan from Blue Torch Capital LLC will give it enough liquidity to continue operating. The closely held air transportation provider sought protection from creditors in U.S. Bankruptcy Court in Dallas after failed attempts to sell the business, refinance its debt and negotiate with bondholders.