DLA Piper represented PHI, Inc. and various affiliates in their successful emergence from voluntary chapter 11 protection, completing their debt restructuring process and implementing the reorganization plan previously confirmed by the United States Bankruptcy Court for the Northern District of Texas, Dallas Division on July 30, 2019.
The company emerged from bankruptcy protection less than six months after their chapter 11 filing. As a result of completing the bankruptcy process, the PHI reduced its debt by approximately US$500 million, with the company's former unsecured creditors now owning 100 percent of PHI's equity, subject to dilution in connection with future stock issuances including issuances of incentive equity grants to key personnel and potential issuances of stock to the holders of certain warrants issued to former equity holders. In connection with this process, the PHI also closed a US$225 million new five-year term loan and received new equity capital from certain of its former 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. Known industry wide for the relentless pursuit of safe, reliable helicopter transportation, PHI offers services to the offshore Oil and Gas, Air Medical applications, and Technical Services applications 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. PHI's headquarters are in Lafayette, Louisiana, and PHI employs approximately 2,200 personnel globally.
The DLA Piper team was led by co-Chair of the US Restructuring practice Thomas Califano (New York), partner Daniel Simon (Atlanta), partner Dan Prieto (Dallas) and associate David Avraham (Chicago); and included partners Jamie Knox (New York), Melainie Mansfield (Chicago), Michael Hynes and Jeffrey Rotenberg (both New York) and Brett Ingerman (Baltimore); of counsel Lucien White (New York); associates Cassandra Beckman Widay, Gregory Juell and Kate Thomas (all New York), Nicole Kozlowski (Baltimore), Tara Nair (Chicago), Christopher West (San Diego) and Erik Stier.
