According to the Advocate, Lafayette-based helicopter firm PHI Inc. has filed for Chapter 11 bankruptcy protection.
The filing is reportedly to address the upcoming maturity of $500 million in unsecured debt.
PHI tells the Advocate that they are operating normally and will continue to operate during the bankruptcy process. Around 2,200 people are employed by PHI.
The company is in talks with the holders of its $500 million in unsecured debt to consider alternatives to addressing the firm’s outstanding obligations.
PHI says it is working to emerge from bankruptcy this summer with a more sustainable plan in place.