Lafayette-based helicopter transport company PHI, Inc. has received federal approval for its reorganization plan and hopes to emerge from Chapter 11 bankruptcy by the end of this month, our media partners at The Advocate.
The agreement, first announced in June, involves CEO and board chairman Al Gonsoulin retiring from the company and being replaced with COO Lance Bospflug, who will be named to the company's new board of directors, the newspaper reports.
According to The Advocate, PHI's unsecured creditors will also own 100% of the company's equity, subject to the issuance of warrants to current equity holders and future dilution. PHI also expects to gain access to $225 million of new five-year term loan financing aligned with its current business plan and to receive an infusion of new equity financing from current unsecured creditors.
To read The Advocate's complete story, click here.