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PHI mediator appointed to bring committee into plan talks
By Caroline Salls
Pittsburgh, May 13 – A mediator was appointed for PHI, Inc.’s bankruptcy case to mediate Chapter 11 plan issues, according to an order filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas.
The court appointed judge Robert L. Jones as mediator. The mediation will begin on May 31.
As previously reported, PHI is in discussions with key stakeholders, including Blue Torch Capital, LP, Thirty Two, LLC and many of the company’s helicopter lessors about the proposed plan, but it has been unable to conduct any negotiations with the official committee of unsecured creditors appointed for the case.
“To meet their fiduciary duties to their estates and preserve the value of their business, the debtors desire to meaningfully engage with the committee and other stakeholders regarding plan issues that hopefully will result in the parties reaching a global resolution,” the motion said.
The company said appointment of a mediator would facilitate discussions, negotiations and resolution among the key stakeholders of plan issues.
PHI said it believes that parallel paths for mediation and confirmation are necessary to ensure that the confirmation process is not delayed while the parties attempt to resolve their differences.
“Any delay places additional pressure on the debtors’ businesses and employees, which have, overall, performed well notwithstanding the challenges presented by these Chapter 11 cases,” the motion said.
The company said the committee has indicated that it is willing to participate in mediation, and the PHI debtors and the creditor group are in discussions regarding the details of the mediation.
PHI is a Lafayette, La.-based helicopter services company. The company filed bankruptcy on March 14 under Chapter 11 case number 19-30923.
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