As you might know, we have been working closely with our advisors and key stakeholders since the spring of 2018 to address our matured debt and strengthen our balance sheet. We highly value our relationship with you and want you to be among the first to know that, after carefully considering 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. We’ve entered into this process thoughtfully and are confident that this is the best option for a timely and efficient resolution to protect PHI’s future.
Please know that we are fully committed to continuing our relationships with our suppliers throughout this process. We are operating all of our business units and services as usual, including maintaining necessary supply levels and fleet maintenance procedures.
We also want to emphasize that today’s announcement is not about PHI’s liquidity or operations. We have sufficient cash on hand to continue operating business as usual and meet our commitments to stakeholders, and we fully expect to pay suppliers in the ordinary course of business for all goods and services delivered on or after March 15, 2019.
A little more detail about the nature of the Chapter 11 process for suppliers:
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.