Helo firm emerges from Chapter 11

Lafayette, La.-based helicopter transport company PHI has emerged from Chapter 11 bankruptcy and reduced its debt by $500M. The company completed its debt restructuring process … and got federal approval of its reorganization in August, which included CEO and board chairman Al Gonsoulin retiring and replaced with COO Lance Bospflug and PHI's unsecured creditors owning 100 percent of its equity. PHI had reported a $11.5M loss in the third quarter of 2018 following months of a slumping oil and gas industry. PHI is HQ’s on the Evangeline Thruway and is used to shuttle people and equipment from offshore drilling platforms in the Gulf of Mexico and to foreign countries. Customers include Shell, BP, ExxonMobil and ConocoPhillips, among others, according to filings with the U.S. Securities and Exchange Commission. (Source: Acadiana Advocate 09/09/19) https://www.theadvocate.com/acadiana/news/business/article_c0b7e4c4-d30b-11e9-952b-3b3d1b9751a3.html