Since the spring of 2018, PHI has been working closely with our advisors to address the company’s matured debt, strengthen our balance sheet, grow our global position, and protect our future. After a careful review of all strategic options, on March 14, 2019, 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. We are confident that this filing is the best option to achieve our goals and secure a timely and efficient resolution to protect our future.
Due to the nature of our debt structure, the Chapter 11 filing only includes PHI’s U.S. entities, not our international entities. All of our business units and services – whether included in the filing or not – are operating as usual, including maintaining necessary supply levels and fleet maintenance procedures, and providing the same safe, high-quality service that our customers know and expect from us. This filing is also not about PHI’s liquidity as a company – we have enough cash on hand to continue operating business as usual and meet all of our commitments to our stakeholders.
We are proud of the values that guide our work and ensure the safety of our people and our customers. 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 throughout this process. Nothing about the announcement changes our commitment to supporting our people, our operations, and our customers.
We are confident that we will complete this process as a stronger company and business partner, with a more sustainable debt structure to underpin our long-term success well into the future. Thank you for your continued trust and partnership in PHI.