We are grateful for your continued trust and belief in PHI. As you are aware, we have been working since the spring of 2018 to address the company’s matured debt, strengthen our balance sheet, grow our global position, and protect our future.
In that spirit, we want you to be among the first to know that after careful consideration of all available strategic options, today PHI’s principal U.S. entities took action to best position the company for continued success by filing for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. This filing does not in any way reflect the relative health of our businesses; it is simply a reflection of the need to reorganize our financial structure. We are confident that this is the best option for a timely and efficient resolution to protect PHI’s future.
Importantly, today’s announcement will not impact our relationship with you, or any of our customers, in any way. We are operating all of our business units and services as usual, maintaining staffing levels, and providing the same safe, high-quality service you know and expect from us. Your normal company contact remains in place, and you should continue to engage with PHI as you always have. Again, for our relationship with you, nothing has changed.
We are proud of the values that guide our work and ensure the safety of our people and yours. We are resolute in our commitment to not only uphold, but to purposefully ensure that our Core Values of Safety, Quality, Efficiency and Customer Service will remain our top priority.
We have taken all of the necessary steps to ensure our commitments to you remain unchanged as we work to secure a stronger future for the company. PHI has proudly and consistently met the needs of our customers with the highest standards of safety, quality, and service continuity. We have not lost a single flight hour during this process, and we are continuing to uphold our stringent safety and maintenance standards. To this end, we have sufficient cash on hand to operate all of our businesses as usual throughout this process, including maintaining necessary supply levels and fleet maintenance procedures. Again, our commitment to operating at the highest standards of safety, quality, and service continuity will not change as we navigate this process.
We are fully committed to keeping you updated throughout this process. If you have any questions about today’s announcement, please direct them to your usual company contact.
We appreciate your continued partnership and trust in PHI and want to be sure we’re answering your questions as quickly as possible. We have created a dedicated hotline at +1 (844) 216-8745. As always, you may also reach out to your usual company contact with any additional questions.