Lafayette-based helicopter transport company PHI, Inc. has gotten federal approval for its reorganization plan and hopes to emerge from Chapter 11 bankruptcy by the end of this month, company officials announced Wednesday.
The agreement, first announced in June, involves CEO and board chairman Al Gonsoulin retiring from the company and being replaced with COO Lance Bospflug, who will be named to the company's new board of directors.
PHI's unsecured creditors will also 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 $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 current unsecured creditors.
"The Court has now confirmed our polan, clearing a path for us to emerge with balance sheet strength that matches our industry leading positions," Bospflug said. "Our management team has always been confident that PHI would complete this process as a stronger company, employer and business partner, and we have achieved each of these goals with our confirmed plan.
"We have a strong, committed culture and now the positive momentum we need for this talented team to even better serve our customers and other stakeholders when we emerge from this process."
The plan is subject to satisfaction or waiver of several conditions, including completion of the debt and equity financings, the payment in full of all debt owed to Thirty-Two, LLC and Blue Torch Capital, and the finalization of various documents.
PHI provides offshore helicopter support to companies operating in the Gulf of Mexico as well as across the globe. Located at 2001 SE Evangeline Thruway, it employs 2,477 companywide, according to its company profile.
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