PHI, Inc. (OTC: PHIIQ) (OTC: PHIKQ) has announced that the US Bankruptcy Court for the Northern District of Texas has confirmed the amended plan of reorganization of PHI and its principal US entities, the company said.
The court indicated that it will issue a written order to this effect, representing the last major milestone in the company´s restructuring process. PHI expects to consummate the Plan and successfully emerge from Chapter 11 by the end of August with a sustainable debt structure that positions the Company for long-term success.
Upon emergence, PHI´s unsecured creditors will own 100% of the company´s equity, subject to the issuance of warrants to current equity holders and future dilution. PHI also expects to gain access to USD 225 million of new five-year term loan financing aligned with its current business plan and to receive an infusion of new equity financing from certain of its current unsecured creditors.
PHI, Inc. is one of the world´s leading helicopter services companies, operating over 240 aircraft in over 70 locations around the world. In addition to operations in the United States, the company has operated in 43 foreign countries and continues to operate for customers across the globe.