PHI Inc., headquartered in Lafayette, has filed for Chapter 11 bankruptcy protection while it deals with $500 million of debt. Company operations are continuing as usual.

PHI Inc., a Lafayette-based helicopter transportation company, reported a loss of $35.2 million in its first quarter.

On a per-share basis, PHI said it had a loss of $2.23. Losses, adjusted for restructuring costs, came to $1.59 per share.

That was up from the nearly $17 million loss PHI posted in the first quarter of 2018; that loss came to $1.07 per share.

PHI filed for Chapter 11 bankruptcy protection in mid-March, when it was unable to pay off $500 million in debt about to come due.

The company, which services the oil and gas industry, posted revenue of $151.9 million in the first quarter. That’s down from the $160.4 million in revenues posted for the first quarter of 2018. PHI was hard hit by declining offshore drilling activity and bad weather conditions during the quarter.

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