|Bid||0.0000 x 1000|
|Ask||0.0000 x 1000|
|Day's Range||1.1300 - 1.3500|
|52 Week Range||1.1300 - 12.7800|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 27, 2019 - Mar 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The air transportation provider to the medical and oil-and-gas industries filed for chapter 11 last Thursday, a day before $500 million in unsecured bonds came due. Judge Harlin DeWayne Hale in U.S. Bankruptcy Court in Dallas gave interim approval to several motions often considered routine, but the debut hearing, which began on Monday afternoon and carried over to Tuesday morning, was marked by company lawyers arguing with bondholders’ representatives about PHI’s financing and what the investors believe is the undue influence of a key shareholder. One is the September 2018 replacement of a $130 million asset-backed loan from Whitney Bank with a secured term loan provided by controlling shareholder and PHI Chief Executive Al Gonsoulin.
On a per-share basis, the Lafayette, Louisiana-based company said it had a loss of $6.70. Losses, adjusted for one-time gains and costs, were 30 cents per share. The helicopter transportation company serving ...
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.
Inc. filed for bankruptcy protection to address $500 million in unsecured maturing debt, after Fitch Ratings downgraded the business’s credit further into junk territory. PHI’s international operations, which include Mexico, Canada, Australia, and New Zealand, aren’t included in the bankruptcy filing. “PHI remains in discussions with the holders of its $500 million in unsecured notes and their advisors to consider alternatives to address PHI’s outstanding debt obligations,” the company said.
PHIIK (non-voting)) ("PHI" or "the Company") today announced that PHI and its principal U.S. entities filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas to address the upcoming maturity of PHI's unsecured senior notes and strengthen its balance sheet in order to best position PHI for future success. In the view of both PHI's Board and management team, this is the best course of action to promote the Company's financial wellbeing, strengthen its competitive position in the industry, and advance the interests of PHI and its stakeholders, while maintaining the Company's commitments to its customers and, above all, the safety of its employees and passengers. With existing cash on hand and the net proceeds from the $70 million in funding the Company received on March 13, 2019 under its new term loan with Blue Torch Capital LLC, as well as ongoing cash flows from operations, PHI expects to have sufficient liquidity to continue its business operations uninterrupted.
Inc. has been tight-lipped about how it plans to deal with $500 million in debt maturing Friday, prompting Fitch Ratings to downgrade the credit of the helicopter services business further into junk territory. The lower rating also reflects long-term competitive headwinds that PHI faces, as well as its inability to access the capital markets, Fitch said. If a default occurs, an additional downgrade is likely, Fitch said.
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The Lafayette, Louisiana-based company said it had a loss of 73 cents per share. The helicopter transportation company serving the oil and gas industry posted revenue of $168.8 million in the period. PHI ...
PHI, Inc. is a Louisiana based provider of helicopter transportation services primarily to the offshore oil and gas industry in the Gulf of Mexico. For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating.
PHIIK (non-voting)) announced today that it has terminated its previously-announced cash tender offer (the “Tender Offer”) to purchase any and all of the $500 million aggregate principal amount of its outstanding 5.25% Senior Notes due March 2019 and its related consent solicitation (the “Solicitation”), both of which were initially announced on June 18, 2018. This press release constitutes a formal termination of the Tender Offer and Solicitation, and a formal notification that the Company will not accept for purchase any 5.25% Senior Notes tendered in connection with the Tender Offer. The Company reserves the right to initiate a new tender offer or to purchase its outstanding bonds in the open market at a later date if conditions in the financing markets improve, but is under no obligation to do so.
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PHIIK (non-voting)) (“PHI”) announced today that it is further extending the expiration time of its previously-announced cash tender offer (the “Tender Offer”) to purchase any and all of the $500 million aggregate principal amount of its outstanding 5.25% Senior Notes due 2019 (the “2019 Notes”) and its related consent solicitation (the “Solicitation”) to adopt certain proposed amendments to the indenture under which the 2019 Notes were issued. The expiration time applicable to the Tender Offer and Solicitation, previously scheduled for 5:00 p.m., New York City time, on October 5, 2018, has been extended to 5:00 p.m., New York City time, on October 12, 2018, unless further extended or earlier terminated.
PHIIK (non-voting)) announced today several steps related to its long-term financial and strategic positioning, including the refinancing of its senior secured revolving credit facility and a review of the Company’s potential strategic alternatives. The proceeds of this loan were used to repay and terminate the Company’s senior secured revolving credit facility (the “Terminated Facility”) and to cash collateralize letters of credit that will remain outstanding. The loan from Mr. Gonsoulin’s affiliate is guaranteed by two of the Company’s principal subsidiaries.
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