UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities and Exchange Act of 1934
Date of report (Date of earliest event reported): August 20, 2019
PHI, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| Louisiana | 0-9827 | 72-0395707 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) | ||
| 2001 SE Evangeline Thruway, Lafayette, Louisiana | 70508 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (337) 235-2452
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
| None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note – As previously disclosed, on March 14, 2019, PHI, Inc. (the “Company” or “we”) and its principal U.S. subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code. On August 2, 2019, the Bankruptcy Court issued a written order (the “Confirmation Order”) confirming the Debtors’ plan of reorganization, as modified by the Confirmation Order (the “Confirmed Plan”). Additional developments in the Chapter 11 Cases are reported below.
Additional information about the Chapter 11 Cases can be found by visiting the Company’s dedicated microsite: http://restructuring.phihelico.com. Claims information can be found at: https://cases.primeclerk.com/PHI. The Company has also established a hotline to ensure a prompt response to questions, which may be accessed at +1 (844) 216-8745 in the U.S. and Canada or by dialing +1 (347) 761-3249 internationally.
| Item 7.01 | Regulation FD Disclosure. |
On August 20, 2019, we filed our unaudited unconsolidated monthly operating report for the month ending July 31, 2019 (the “July Monthly Operating Report”) with the Bankruptcy Court. The July Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information set forth in, or incorporated by reference into, Item 7.01 of this Form 8-K (i) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section and (ii) shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing.
| Item 8.01 | Other Events. |
We expect to consummate the transactions contemplated by the Confirmed Plan and to emerge from bankruptcy during the first week of September 2019, subject to all of the conditions precedent specified in such plan being attained or duly waived.
Cautionary Statements
Caution Concerning Forward-Looking Statements. This Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All such statements other than statements of historical fact are “forward-looking” statements, as defined by (and subject to the “safe harbor” protections under) the federal securities laws. When used herein, the words “anticipates,” “expects,” “believes,” “seeks,” “hopes,” “intends,” “plans,” “projects,” “will” and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond the Company’s control. These forward-looking statements, and the assumptions on which they are based, (i) are not guarantees of future events, (ii) are inherently speculative and (iii) are subject to significant risks and uncertainties. Actual events and results may differ materially from those anticipated, estimated, projected or implied by the Company in those statements if one or more of these risks or uncertainties materialize, or if the Company’s underlying assumptions prove incorrect. All of the Company’s forward-looking statements are qualified in their entirety by reference to the Company’s discussion of certain important factors that could cause the Company’s actual results to differ materially from those anticipated, estimated, projected or implied in those forward-looking statements.
Factors that could cause the Company’s results to differ materially from the expectations expressed in such forward-looking statements include, but are not limited to, the Company’s ability to consummate its contemplated debt and equity financings and to implement all other components of the Debtors’ Plan, the risks attendant to the bankruptcy process, including the effects of the Chapter 11 Cases on the Company and its various constituents, risks associated with restrictions on the Company’s ability to pursue and execute its business strategies, uncertainty regarding the Company’s ability to obtain additional capital in the future, uncertainty regarding the Company’s ability to attract and retain key personnel, the uncertainty and continuing risks associated with the Company’s ability to achieve its stated goals and continue as a going concern; the Company’s ability to implement operational improvement efficiencies; the trading price and volatility of the Company’s common stock and risks related to the Company’s delisting from Nasdaq as well as other risks referenced from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.
Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company, that arise in the future or that are not specific to the Company could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned not to unduly rely upon the Company’s forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Further, the Company may make changes to its intentions or plans at any time, without notice and for any reason. For these reasons, the Company can provide no assurances that the Confirmed Plan will be implemented in the manner described above, or at all.
2
Caution Concerning the Monthly Operating Report. The Company cautions current and prospective investors not to unduly rely on the information contained in the July Monthly Operating Report, which was not prepared or reviewed for the purpose of facilitating an investment decision relating to any of the securities of the Company. The July Monthly Operating Report has been prepared solely for the purpose of complying with the reporting requirements of the Bankruptcy Court. The July Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is unconsolidated, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. If you are a current or prospective investor in the Company’s securities, you should not assume that the July Monthly Operating Report is complete or provides a suitable basis upon which to make an investment decision regarding purchasing, selling or holding the Company’s securities.
Caution Regarding Trading. The Company cautions that trading in the Company’s securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by the holders of the Company’s securities in the Chapter 11 Cases. Under the Debtors’ Confirmed Plan, the Company expects its current equity holders to experience a significant or complete loss of their investment, depending on the ultimate outcome of the Chapter 11 Cases and the ultimate value of the warrants expected to be issued to its current equity holders as described in such plan.
The filing of this Form 8-K (including the exhibit hereto) shall not be deemed an admission as to the materiality of any information included or incorporated herein.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99.1 | July Monthly Operating Report |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHI, Inc. | ||||||
| Date: August 23, 2019 | By: | /s/ Trudy P. McConnaughhay | ||||
| Trudy P. McConnaughhay | ||||||
| Chief Financial Officer and Secretary | ||||||
4
Exhibit 99.1
Monthly Operating Report
ACCRUAL BASIS
| CASE NAME: | PHI, Inc., et al. | |
| CASE NUMBER: | 19-30923-hdh11 | |
| JUDGE: | Harlin D. Hale | |
UNITED STATES BANKRUPTCY COURT
NORTHERN & EASTERN DISTRICTS OF TEXAS
REGION 6
MONTHLY OPERATING REPORT
| MONTH ENDING: | July |
2019 | ||||||
| MONTH | YEAR |
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
| /s/ Robert A. Del Genio |
Chief Restructuring Officer | |||
| ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | TITLE | |||
| Robert A. Del Genio |
8/19/2019 | |||
| PRINTED NAME OF RESPONSIBLE PARTY | DATE | |||
| PREPARER: | ||||
| /s/ Trudy McConnaughhay |
Chief Financial Officer | |||
| ORIGINAL SIGNATURE OF PREPARER | TITLE | |||
| Trudy McConnaughhay |
8/19/2019 | |||
| PRINTED NAME OF PREPARER | DATE | |||
Monthly Operating Report
ACCRUAL BASIS-1
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
COMPARATIVE BALANCE SHEET
| Petition Date 3/14/19 |
3/31/19 | 4/30/19 | 5/31/19 | 6/30/19 | 7/31/19 | |||||||||||||||||||||
| ASSETS |
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| 1 | CASH |
$ | 1,521,227 | $ | 1,482,726 | $ | 11,553,421 | $ | 2,715,126 | $ | 8,448,088 | $ | 7,689,084 | |||||||||||||
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| 2 | SHORT TERM INVESTMENTS |
67,663,452 | 73,335,815 | 80,301,658 | 81,125,868 | 76,140,802 | 73,153,351 | |||||||||||||||||||
| 3 | ACCOUNTS RECEIVABLE - (NET) |
63,593,129 | 62,585,376 | 57,938,940 | 61,963,208 | 65,220,241 | 66,713,962 | |||||||||||||||||||
| 4 | INVENTORY (NET) |
38,320,271 | 39,525,144 | 29,722,554 | 30,342,998 | 29,871,072 | 27,956,452 | |||||||||||||||||||
| 5 | PREPAID EXPENSES & OTHER |
6,803,414 | 8,779,041 | 8,244,372 | 8,047,132 | 8,140,100 | 7,521,928 | |||||||||||||||||||
| 6 | OTHER CURRENT ASSETS |
984,820 | 859,278 | 859,278 | 859,278 | 811,201 | 763,124 | |||||||||||||||||||
| 7 | INCOME TAXES RECEIVABLE |
384,937 | 384,937 | 7,284 | 7,284 | 7,284 | 48,648 | |||||||||||||||||||
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| 8 | TOTAL CURRENT ASSETS |
$ | 179,271,250 | $ | 186,952,316 | $ | 188,627,507 | $ | 185,060,893 | $ | 188,638,788 | $ | 183,846,549 | |||||||||||||
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| 9 | PROPERTY, PLANT & EQUIPMENT (NET) |
569,099,800 | 567,577,555 | 563,507,863 | 558,820,645 | 562,879,825 | 560,599,549 | |||||||||||||||||||
| 10 | RIGHT OF USE ASSETS |
137,327,125 | 134,799,396 | 120,905,491 | 118,899,052 | 116,918,448 | 118,631,781 | |||||||||||||||||||
| 11 | RESTRICTED INVESTMENTS |
19,788,774 | 19,788,774 | 19,738,774 | 19,738,774 | 19,738,774 | 19,738,774 | |||||||||||||||||||
| 12 | OTHER ASSETS |
18,280,517 | 17,206,609 | 17,720,777 | 17,957,907 | 18,678,254 | 18,548,638 | |||||||||||||||||||
| 13 | DEFERRED INCOME TAXES - ASSETS |
2,717,649 | 932,075 | 2,104,704 | 4,409,821 | 4,527,042 | 5,888,410 | |||||||||||||||||||
| 14 | GOODWILL |
— | — | — | — | — | ||||||||||||||||||||
| 15 | INTANGIBLES |
— | — | — | — | — | ||||||||||||||||||||
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| 16 | TOTAL ASSETS |
$ | 926,485,115 | $ | 927,256,725 | $ | 912,605,116 | $ | 904,887,092 | $ | 911,381,132 | $ | 907,253,701 | |||||||||||||
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| POSTPETITION LIABILITIES |
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| 17 | NOTES PAYABLE |
— | — | — | — | — | ||||||||||||||||||||
| 18 | ACCOUNTS PAYABLE |
6,883,955 | 6,778,691 | 20,307,864 | 39,167,877 | 44,348,088 | ||||||||||||||||||||
| 19 | ACCRUED EXPENSES |
6,642,941 | 13,426,210 | 12,789,263 | 13,571,650 | 14,993,581 | ||||||||||||||||||||
| 20 | CURRENT PORTION OF OPERATING LEASE LIABILITIES |
— | — | — | — | 12,147,036 | 12,318,245 | |||||||||||||||||||
| 21 | CURRENT PORTION OF LONG-TERM DEBT |
— | 875,000 | 875,000 | 875,000 | 1,750,000 | ||||||||||||||||||||
| 22 | LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS |
— | — | — | — | — | ||||||||||||||||||||
| 23 | DEFERRED INCOME TAXES PAYABLE |
— | — | — | — | — | ||||||||||||||||||||
| 24 | OTHER LONG TERM CREDITS AND LIAB |
— | 18,085 | — | — | — | ||||||||||||||||||||
| 25 | LT OPERATING LEASE LIABILITIES |
— | — | — | — | — | ||||||||||||||||||||
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| 26 | TOTAL POSTPETITION LIABILITIES | 13,526,897 | 21,097,986 | 33,972,127 | 65,761,563 | 73,409,915 | ||||||||||||||||||||
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| PREPETITION LIABILITIES |
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| 27 | LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS |
193,735,691 | 193,735,691 | 193,015,195 | 193,169,699 | 193,324,204 | 191,203,708 | |||||||||||||||||||
| 28 | PRIORITY DEBT |
9,194 | 9,194 | 9,194 | 9,194 | 9,194 | 9,194 | |||||||||||||||||||
| 29 | UNSECURED DEBT |
514,717,622 | 513,182,310 | 512,372,947 | 512,170,190 | 511,752,025 | 510,931,374 | |||||||||||||||||||
| 30 | ACCRUED EXPENSES |
48,845,696 | 45,701,306 | 40,281,223 | 40,103,691 | 19,911,335 | 19,838,946 | |||||||||||||||||||
| 31 | CURRENT PORTION OF OPERATING LEASE LIABILITIES |
— | — | — | — | 8,676,455 | 6,843,470 | |||||||||||||||||||
| 32 | DEFERRED INCOME TAXES PAYABLE |
— | — | — | — | — | ||||||||||||||||||||
| 33 | OTHER LONG TERM CREDITS AND LIAB |
1,417,259 | 1,406,972 | 1,406,972 | 1,401,106 | 1,501,046 | 1,513,735 | |||||||||||||||||||
| 34 | LT OPERATING LEASE LIABILITIES |
110,451,569 | 110,250,930 | 99,976,305 | 98,395,336 | 96,737,519 | 99,611,095 | |||||||||||||||||||
| 35 | TOTAL PREPETITION LIABILITIES |
869,177,031 | 864,286,403 | 847,061,837 | 845,249,216 | 831,911,778 | 829,951,521 | |||||||||||||||||||
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| 36 | TOTAL LIABILITIES | 869,177,031 | 877,813,300 | 868,159,823 | 879,221,343 | 897,673,341 | 903,361,436 | |||||||||||||||||||
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| EQUITY |
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| 37 | PREPETITION OWNERS’ EQUITY |
57,308,084 | 49,443,425 | 44,445,292 | 25,665,749 | 13,707,791 | 3,892,265 | |||||||||||||||||||
| 38 | POSTPETITION CUMULATIVE PROFIT OR (LOSS) |
— | — | — | — | |||||||||||||||||||||
| 39 | DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) |
— | — | — | — | |||||||||||||||||||||
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| 40 | TOTAL EQUITY |
57,308,084 | 49,443,425 | 44,445,292 | 25,665,749 | 13,707,791 | 3,892,265 | |||||||||||||||||||
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| 41 | TOTAL LIABILITIES & OWNERS’ EQUITY |
926,485,115 | 927,256,725 | 912,605,116 | 904,887,092 | 911,381,132 | 907,253,701 | |||||||||||||||||||
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Monthly Operating Report
ACCRUAL BASIS-2
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
INCOME STATEMENT
| 3/15/19 - 3/31/19 | 4/1/19 - 4/30/19 | 5/1/19 - 5/31/19 | 6/1/19 - 6/30/19 | 7/1/19 - 7/31/19 | ||||||||||||||||||
| REVENUES |
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| 1 | GROSS REVENUES |
$ | 13,383,146 | $ | 25,233,863 | $ | 24,639,758 | $ | 25,833,630 | $ | 26,053,612 | |||||||||||
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| 2 | LESS: RETURNS & DISCOUNTS |
— | — | — | — | — | ||||||||||||||||
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| 3 | NET REVENUE |
$ | 13,383,146 | $ | 25,233,863 | $ | 24,639,758 | $ | 25,833,630 | $ | 26,053,612 | |||||||||||
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| AIRCRAFT VARIABLE COSTS |
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| 4 | HUMAN RESOURCES - VC |
(1,181,672 | ) | (2,198,199 | ) | (2,233,798 | ) | (2,365,806 | ) | (2,385,725 | ) | |||||||||||
| 5 | OCCUPANCY SUPPLIES - VC |
(33,830 | ) | (84,523 | ) | (75,612 | ) | (118,144 | ) | (126,286 | ) | |||||||||||
| 6 | NON-AC DEPR - AIRCRAFT - VC |
(28,645 | ) | (15,731 | ) | (24,104 | ) | (17,908 | ) | (17,577 | ) | |||||||||||
| 7 | Part 145 Maint - VC |
570,244 | 595,561 | 624,145 | 1,248,709 | 272,442 | ||||||||||||||||
| 8 | UNDER (OVER) GFS UTILIZATION - VC |
(176,556 | ) | 7,423 | 90,681 | (8,402 | ) | 270,920 | ||||||||||||||
| 9 | OTHER - AIRCRAFT - VC |
(60,737 | ) | (109,612 | ) | (90,347 | ) | (74,022 | ) | (87,199 | ) | |||||||||||
| 10 | SPARE PARTS |
(532,489 | ) | (699,816 | ) | (287,098 | ) | 60,139 | (1,051,781 | ) | ||||||||||||
| 11 | REPAIRS |
(323 | ) | (1,334,463 | ) | (2,631,299 | ) | (2,274,693 | ) | (1,871,376 | ) | |||||||||||
| 12 | POWER BY THE HOUR |
(2,626,036 | ) | (4,292,279 | ) | (4,714,558 | ) | (3,663,903 | ) | (4,613,834 | ) | |||||||||||
| 13 | FUEL |
(516,815 | ) | (1,079,064 | ) | (1,247,729 | ) | (833,992 | ) | (1,047,998 | ) | |||||||||||
| 14 | SUPPLY CHAIN ALLOCATION - VC |
983,263 | 680,767 | 577,518 | 540,903 | 714,928 | ||||||||||||||||
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| 15 | TOTAL AIRCRAFT VARIABLE COSTS |
(3,603,594 | ) | (8,529,935 | ) | (10,012,202 | ) | (7,507,119 | ) | (9,943,486 | ) | |||||||||||
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| AIRCRAFT FIXED COSTS |
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| 16 | APPLIED AIRCRAFT FIXED COSTS |
2,232 | 4,070 | 4,070 | 4,070 | 2,574 | ||||||||||||||||
| 17 | AIRCRAFT DEPRECIATION |
(1,522,245 | ) | (3,090,903 | ) | (2,852,970 | ) | (2,795,139 | ) | (2,765,955 | ) | |||||||||||
| 18 | AIRCRAFT PROPERTY TAX |
(206,616 | ) | (376,770 | ) | (376,770 | ) | (76,303 | ) | (7,923 | ) | |||||||||||
| 19 | INSURANCE |
(137,687 | ) | (253,824 | ) | (244,084 | ) | (248,913 | ) | (232,126 | ) | |||||||||||
| 20 | HELICOPTER RENT |
(1,399,285 | ) | (2,557,494 | ) | (2,557,494 | ) | (2,557,494 | ) | (2,239,729 | ) | |||||||||||
| 21 | AIRCRAFT PILOT SALARIES |
(1,600,655 | ) | (2,684,686 | ) | (2,913,655 | ) | (2,754,939 | ) | (3,007,890 | ) | |||||||||||
| 22 | AIRCRAFT MECHANIC SALARIES |
(1,565,936 | ) | (2,540,479 | ) | (2,635,002 | ) | (1,837,256 | ) | (2,684,524 | ) | |||||||||||
| 23 | SUPPLY CHAIN ALLOCATION |
(936,375 | ) | (504,469 | ) | (427,755 | ) | (399,942 | ) | (529,532 | ) | |||||||||||
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| 24 | TOTAL AIRCRAFT FIXED COSTS |
(7,366,568 | ) | (12,004,555 | ) | (12,003,660 | ) | (10,665,915 | ) | (11,465,105 | ) | |||||||||||
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| COST OF GOODS SOLD |
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| 25 | COST OF GOODS SOLD |
(185,876 | ) | (8,840 | ) | (316,506 | ) | (690,725 | ) | (232,539 | ) | |||||||||||
| OPERATING EXPENSE |
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| 26 | HR - OPERATING EXPENSES |
(687,823 | ) | (1,580,630 | ) | (1,230,664 | ) | (1,651,994 | ) | (1,662,118 | ) | |||||||||||
| 27 | OCCUPANCY SUPPLIES-OE |
(525,150 | ) | (723,777 | ) | (818,891 | ) | (634,920 | ) | (1,108,815 | ) | |||||||||||
| 28 | NON-AC DEPRECIATION - OE |
(103,046 | ) | (258,799 | ) | (284,742 | ) | (256,421 | ) | (251,021 | ) | |||||||||||
| 29 | NON-AC ALLOCATIONS - OE |
197,366 | 613,653 | 416,634 | 193,698 | 763,076 | ||||||||||||||||
| 30 | OTHER - OPERATING EXPENSES |
(1,334,931 | ) | (2,702,188 | ) | (2,471,456 | ) | (3,046,321 | ) | (2,920,516 | ) | |||||||||||
| 31 | EMPLOYEE BENEFITS |
(10,069 | ) | (22,819 | ) | (26,863 | ) | (86,312 | ) | (17,511 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 32 | TOTAL OPERATING EXPENSE |
(2,463,654 | ) | (4,674,560 | ) | (4,415,983 | ) | (5,482,270 | ) | (5,196,905 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| SELLING, GENERAL AND ADMIN |
||||||||||||||||||||||
| 33 | HUMAN RESOURCES - SG&A |
(1,133,282 | ) | (3,566,862 | ) | (1,994,751 | ) | (1,940,800 | ) | (2,894,741 | ) | |||||||||||
| 34 | OCCUPANCY SUPPLIES - SG&A |
(128,713 | ) | (211,892 | ) | (593,090 | ) | (242,766 | ) | (324,070 | ) | |||||||||||
| 35 | NON-AC DEPRECIATION - SG&A |
(89,631 | ) | (125,207 | ) | (129,748 | ) | (126,584 | ) | (127,677 | ) | |||||||||||
| 36 | NON-AC ALLOCATION - SG&A |
(26,064 | ) | 144,470 | 93,263 | 106,455 | 144,111 | |||||||||||||||
| 37 | OTHER SG&A |
(1,922,195 | ) | (1,788,835 | ) | 633,598 | 948,464 | (885,662 | ) | |||||||||||||
| 38 | LEGAL AUDIT |
(1,466,562 | ) | (355,552 | ) | (16,360,112 | ) | (22,356 | ) | (21,516 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 39 | TOTAL SELLING, GENERAL AND ADMIN |
(4,766,447 | ) | (5,903,878 | ) | (18,350,839 | ) | (1,277,587 | ) | (4,109,554 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 40 | TOTAL OPERATING EXPENSES |
(18,386,140 | ) | (31,121,768 | ) | (45,099,190 | ) | (25,623,615 | ) | (30,947,589 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 41 | GAIN/LOSS ON DISPOSITION OF ASSETS, NET |
— | (88,711 | ) | (20,776 | ) | 211,207 | (818 | ) | |||||||||||||
| 42 | EQUITY NET LOSS |
173,638 | 449,694 | 290,548 | 298,767 | (209,841 | ) | |||||||||||||||
| 43 | OPERATING INCOME |
(4,829,356 | ) | (5,526,923 | ) | (20,189,659 | ) | 719,989 | (5,104,636 | ) | ||||||||||||
| OTHER INCOME & EXPENSES |
||||||||||||||||||||||
| 44 | OTHER INCOME/EXPENSES, NET |
(1,249,729 | ) | (1,228,269 | ) | (1,333,061 | ) | (12,737,451 | ) | (6,088,130 | ) | |||||||||||
| 45 | EARNINGS BEFORE INCOME TAXES |
(6,079,084 | ) | (6,755,192 | ) | (21,522,720 | ) | (12,017,462 | ) | (11,192,766 | ) | |||||||||||
| 46 | INCOME TAX EXPENSE |
(1,785,574 | ) | 1,188,669 | 2,286,709 | (241,014 | ) | 1,377,240 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 47 | NET EARNINGS |
(7,864,658 | ) | (5,566,522 | ) | (19,236,012 | ) | (12,258,476 | ) | (9,815,526 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Monthly Operating Report
ACCRUAL BASIS-3
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
CASH RECEIPTS AND DISBURSEMENTS
| 3/15/19 - 3/31/19 | 4/1/19 - 4/30/19 | 5/1/19 - 5/31/19 | 6/1/19 - 6/30/19 | 7/1/19 - 7/31/19 | ||||||||||||||||||
| 1 | CASH - BEGINNING MARCH 15 |
$ | 89,048,896 | $ | 95,426,105 | $ | 113,017,078 | $ | 107,777,210 | $ | 106,211,981 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| RECEIPTS FROM OPERATIONS |
||||||||||||||||||||||
| 2 | CASH SALES |
— | — | — | — | — | ||||||||||||||||
| COLLECTION OF ACCOUNTS RECEIVABLE |
||||||||||||||||||||||
| 3 | PREPETITION & POSPETITION RECEIPTS |
12,872,873 | 34,969,326 | 27,987,090 | 30,212,215 | 30,020,682 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 4 | TOTAL OPERATING RECEIPTS |
$ | 12,872,873 | $ | 34,969,326 | $ | 27,987,090 | $ | 30,212,215 | $ | 30,020,682 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| NON-OPERATING RECEIPTS |
||||||||||||||||||||||
| 5 | TRANSFERS FROM PHI AIR MEDICAL |
6,861,387 | 17,042,364 | 18,400,317 | 17,155,331 | 21,048,532 | ||||||||||||||||
| 6 | SALE OF ASSETS |
— | — | — | 1,400,000 | — | ||||||||||||||||
| 7 | INTEREST INCOME |
16,951 | 207,467 | 31,027 | 68,778 | 7,587 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 8 | TOTAL RECEIPTS |
$ | 19,751,211 | $ | 52,219,158 | $ | 46,418,434 | $ | 48,836,324 | $ | 51,076,801 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| OPERATING DISBURSEMENTS |
||||||||||||||||||||||
| 9 | NET PAYROLL, PAYROLL TAXES, AND BENEFITS |
(9,289,506 | ) | (19,391,239 | ) | (24,469,271 | ) | (19,475,993 | ) | (21,872,363 | ) | |||||||||||
| 10 | MAINTENANCE & MISC EXPENSES |
(2,594,255 | ) | (11,073,068 | ) | (18,861,622 | ) | (21,946,347 | ) | (19,484,289 | ) | |||||||||||
| 11 | AIRCRAFT LEASES |
(250,685 | ) | (1,400,964 | ) | (3,146,672 | ) | (1,823,858 | ) | (1,581,010 | ) | |||||||||||
| 12 | FUEL |
(1,007,551 | ) | (1,147,023 | ) | (1,821,791 | ) | (2,108,082 | ) | (1,475,100 | ) | |||||||||||
| 13 | TAXES |
(68,316 | ) | (1,377,357 | ) | (1,070,185 | ) | (1,115,833 | ) | (986,144 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 14 | TOTAL OPERATING DISBURSEMENTS |
$ | (13,210,314 | ) | $ | (34,389,651 | ) | $ | (49,369,541 | ) | $ | (46,470,113 | ) | $ | (45,398,906 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| NON-OPERATING DISBURSEMENTS |
||||||||||||||||||||||
| 15 | INTEREST EXPENSE |
(1,540,233 | ) | (513,433 | ) | |||||||||||||||||
| 16 | TRANFSERS TO NON-DEBTORS |
(163,689 | ) | (236,908 | ) | (442,844 | ) | (376,717 | ) | (567,584 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 17 | TOTAL NON-OPERATING DISBURSEMENTS |
$ | (163,689 | ) | $ | (236,908 | ) | $ | (442,844 | ) | $ | (1,916,950 | ) | $ | (1,081,017 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| REORGANIZATION EXPENSES |
||||||||||||||||||||||
| 18 | PROFESSIONAL FEES |
— | — | (1,644,032 | ) | (2,014,490 | ) | (8,752,064 | ) | |||||||||||||
| 19 | U.S. TRUSTEE FEES |
— | (1,625 | ) | (201,886 | ) | — | (251,000 | ) | |||||||||||||
| 20 | TOTAL DISBURSEMENTS |
(13,374,003 | ) | (34,628,184 | ) | (51,658,303 | ) | (50,401,553 | ) | (55,482,987 | ) | |||||||||||
| 21 | NET CASH FLOW |
6,377,209 | 17,590,974 | (5,239,869 | ) | (1,565,229 | ) | (4,406,186 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 22 | CASH - END OF MONTH |
$ | 95,426,105 | $ | 113,017,078 | $ | 107,777,210 | $ | 106,211,981 | $ | 101,805,795 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Monthly Operating Report
ACCRUAL BASIS-4
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
ACCOUNTS RECEIVABLE AGING
| ACCOUNTS RECEIVABLE AGING (1) |
3/31/19 | 4/30/19 | 5/31/19 | 6/30/19 | 7/31/19 | |||||||||||||||||
| 1 | 0-30 |
$ | 22,971,054 | $ | 23,176,156 | $ | 23,767,206 | $ | 23,348,765 | $ | 26,700,421 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 2 | 31-60 |
25,811,099 | 19,206,916 | 19,835,330 | 19,802,240 | 21,066,738 | ||||||||||||||||
| 3 | 61-90 |
482,663 | 4,444,544 | 6,229,191 | 5,856,003 | 6,276,079 | ||||||||||||||||
| 4 | 91+ |
8,632,802 | 7,405,347 | 7,496,887 | 8,515,015 | 7,366,233 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 5 | TOTAL ACCOUNTS RECEIVABLE |
$ | 57,897,618 | $ | 54,232,963 | $ | 57,328,614 | $ | 57,522,023 | $ | 61,409,471 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 6 | AMOUNT CONSIDERED UNCOLLECTIBLE |
(4,371,785 | ) | (4,371,785 | ) | (4,371,785 | ) | (4,371,785 | ) | (4,371,785 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 7 | ACCOUNTS RECEIVABLE (NET) |
$ | 53,525,833 | $ | 49,861,178 | $ | 52,956,829 | $ | 53,150,238 | $ | 57,037,686 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
AGING OF POSTPETITION TAXES AND PAYABLES
MONTH: July
| TAXES PAYABLE |
0-30 DAYS |
31-60 DAYS |
61-90 DAYS |
91+ DAYS |
TOTAL | |||||||||||||||||
| 1 | FEDERAL |
$ | 653,771 | $ | — | $ | 152 | $ | — | $ | 653,923 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 2 | STATE |
264,744 | — | — | — | 264,744 | ||||||||||||||||
| 3 | LOCAL |
— | — | — | 2,627,507 | 2,627,507 | ||||||||||||||||
| 4 | OTHER (ATTACH LIST) |
— | — | — | 137,714 | 137,714 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 5 | TOTAL TAXES PAYABLE |
$ | 918,515 | $ | — | $ | 152 | $ | 2,765,221 | $ | 3,683,889 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| 6 | ACCOUNTS PAYABLE (1) |
9,139,409 | 1,356,879 | (283,254 | ) | 18,552,014 | 28,765,048 | |||||||||||||||
STATUS OF POSTPETITION TAXES
MONTH: July
| FEDERAL |
BEGINNING TAX LIABILITY |
AMOUNT WITHHELD AND/ OR ACCRUED |
AMOUNT PAID |
ENDING TAX LIABILITY |
||||||||||||||
| 1 | WITHHOLDING |
$ | 418,356 | $ | 924,996 | $ | (1,294,785 | ) | $ | 48,567 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 2 | FICA-EMPLOYEE |
255,233 | 547,052 | (778,819 | ) | 23,466 | ||||||||||||
| 3 | FICA-EMPLOYER |
381,182 | 544,500 | (719,321 | ) | 206,361 | ||||||||||||
| 4 | UNEMPLOYMENT |
652 | 234 | (734 | ) | 152 | ||||||||||||
| 5 | INCOME |
— | — | — | — | |||||||||||||
| 6 | OTHER (ATTACH LIST) - EXCISE |
462,061 | 309,608 | (396,292 | ) | 375,377 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 7 | TOTAL FEDERAL TAXES |
$ | 1,517,483 | $ | 2,326,390 | $ | (3,189,950 | ) | $ | 653,923 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| STATE AND LOCAL |
||||||||||||||||||
| 8 | WITHHOLDING |
200,673 | 216,008 | (197,278 | ) | 219,403 | ||||||||||||
| 9 | SALES |
28,099 | 40,042 | (26,308 | ) | 41,833 | ||||||||||||
| 10 | EXCISE |
— | — | — | — | |||||||||||||
| 11 | UNEMPLOYMENT |
3,553 | 82 | (127 | ) | 3,509 | ||||||||||||
| 12 | REAL PROPERTY |
76,237 | 9,089 | — | 85,326 | |||||||||||||
| 13 | PERSONAL PROPERTY |
2,271,377 | 270,804 | — | 2,542,181 | |||||||||||||
| 14 | OTHER (ATTACH LIST) |
118,289 | 19,425 | — | 137,714 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 15 | TOTAL STATE & LOCAL |
$ | 2,698,228 | $ | 555,451 | $ | (223,713 | ) | $ | 3,029,966 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 16 | TOTAL TAXES |
$ | 4,215,711 | $ | 2,881,841 | $ | (3,413,663 | ) | $ | 3,683,889 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
Notes:
| (1) | Includes trade only. Negative payable amount represents credits from certain vendors. |
Monthly Operating Report
ACCRUAL BASIS-5
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
| Description |
BEGINNING TAX LIABILITY |
AMOUNT WITHHELD AND/ OR ACCRUED |
AMOUNT PAID |
ENDING TAX LIABILITY |
||||||||||||||
| OTHER (ATTACH LIST) |
||||||||||||||||||
| PHI, Inc - New Mexico - 2018 Tax Accrual |
Income Tax | $ | — | $ | — | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| PHI, Inc - Arizona - 2018 Tax Accrual |
Income Tax | — | — | — | — | |||||||||||||
| PHI, Inc - Kentucky - 2018 Tax Accrual |
Income Tax | — | — | — | — | |||||||||||||
| PHI, Inc - California - 2019 Tax Accrual(1) |
Income Tax | (860 | ) | 133 | — | (727 | ) | |||||||||||
| PHI, Inc - Arizona - 2019 Tax Accrual |
Income Tax | 25 | 4 | — | 29 | |||||||||||||
| PHI, Inc - Mississippi - 2019 Tax Accrual |
Income Tax | 8,672 | 1,445 | — | 10,117 | |||||||||||||
| PHI, Inc - New Jersey - 2019 Tax Accrual |
Income Tax | 1,000 | 167 | — | 1,167 | |||||||||||||
| PHI, Inc - Texas - 2019 Tax Accrual |
Income Tax | 109,453 | 17,676 | — | 127,128 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | 118,289 | $ | 19,425 | $ | — | $ | 137,714 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
Notes:
| (1) | The Debtor prepaid the estimated full annual amount due. |
Monthly Operating Report
ACCRUAL BASIS-6
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
MONTH: July
BANK RECONCILIATIONS
| Account #1 | Account #2 | Account #3 | Account #4 | Account #5 | Account #6 | Account #7 | TOTAL | |||||||||||||||||||||||||||
| A. | BANK: |
|
Hancock Whitney |
|
|
Hancock Whitney |
|
|
Hancock Whitney |
|
|
Hancock Whitney |
|
|
Hancock Whitney |
|
HSBC | N/A | ||||||||||||||||
| B. | ACCOUNT NUMBER: |
*8820 | *8826 | *1875 | *3040 | *5949 | *7594 | N/A | ||||||||||||||||||||||||||
| C. | PURPOSE (TYPE): |
|
Commercial Checking |
|
|
Commercial Checking |
|
|
Commercial Checking |
|
|
Commercial Checking |
|
|
Commercial Checking |
|
Checking | Petty Cash | ||||||||||||||||
| 1 | BALANCE PER BANK STATEMENT |
$ | 8,351,272 | $ | 256,015 | $ | 14,862 | $ | 3,009 | $ | — | $ | 258,452 | $ | 30,408 | $ | 8,914,019 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 2 | ADD: TOTAL DEPOSITS NOT CREDITED |
— | ||||||||||||||||||||||||||||||||
| 3 | SUBTRACT: OUTSTANDING CHECKS |
(1,230,545 | ) | (87,350 | ) | (2,166 | ) | (1,320,061 | ) | |||||||||||||||||||||||||
| 4 | OTHER RECONCILING ITEMS |
56,839 | 34,094 | 4,194 | 95,127 | |||||||||||||||||||||||||||||
| 5 | MONTH END BALANCE PER BOOKS |
$ | 7,177,567 | $ | 202,759 | $ | 14,862 | $ | 3,009 | $ | 2,028 | $ | 258,452 | $ | 30,408 | $ | 7,689,084 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 6 | NUMBER OF LAST CHECK WRITTEN |
590757 | 417072 | N/A | N/A | |
N/A - ZBA Sweep |
|
N/A | N/A | ||||||||||||||||||||||||
INVESTMENT ACCOUNTS
| BANK, ACCOUNT NAME & NUMBER |
DATE OF |
TYPE OF INSTRUMENT |
PURCHASE |
CURRENT VALUE |
||||||||
| 7 |
UBS - Special Projects Account *4A2 | N/A | Short Term Money Market Govt Funds | N/A | $ | 26,940,153 | ||||||
| 8 |
UBS - Investments *08K | N/A | Short Term Money Market Govt Funds | N/A | — | |||||||
| 9 |
UBS - Main Account *1A2 | N/A | Short Term Money Market Govt Funds | N/A | 44,293,239 | |||||||
| 10 |
UBS - SERP *4A2 | N/A | Short Term Money Market Govt Funds | N/A | 786,595 | |||||||
| 11 |
UBS - Collateral *6A2 | N/A | Short Term Money Market Govt Funds | N/A | 12,963,982 | |||||||
| 12 |
UBS - FX *5A2 | N/A | Short Term Money Market Govt Funds | N/A | 245,156 | |||||||
| 13 |
Hancock Whitney-Account *8850 | 9/28/2018 | Certificate of Deposit | 7,605,000 | 7,605,000 | |||||||
| 14 |
Hancock Whitney-Account *8849 | 9/28/2018 | Certificate of Deposit | 100,000 | 50,000 | |||||||
| 15 |
Hancock Whitney-Account *4229 | 2/1/2019 | Certificate of Deposit | 8,000 | 8,000 | |||||||
|
|
|
|||||||||||
| 16 |
TOTAL INVESTMENTS | $ | 92,892,125 | |||||||||
|
|
|
|||||||||||
| CASH |
||||||||||||
| 17 |
CURRENCY ON HAND |
— | ||||||||||
|
|
|
|||||||||||
| 18 |
TOTAL CASH - END OF MONTH |
100,581,209 | ||||||||||
|
|
|
|||||||||||
Monthly Operating Report
ACCRUAL BASIS-7
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
MONTH: July
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS
| NAME |
TYPE OF PAYMENT |
AMOUNT PAID |
TOTAL PAID TO DATE |
|||||||||
| 1 | Lance Bospflug |
N/A | $ | — | $ | 1,903 | ||||||
|
|
|
|
|
|||||||||
| 2 | Alan Brass |
Monthly Retainer | 22,667 | 75,300 | ||||||||
| 3 | C. Russell Luigs |
Monthly Retainer | 18,333 | 54,999 | ||||||||
| 4 | Richard H. Matzke |
Monthly Retainer | 17,667 | 65,706 | ||||||||
| 5 | Thomas H. Murphy |
Monthly Retainer | 23,333 | 69,999 | ||||||||
| 6 | Trudy McConnaughhay |
Expense Reimbursement |
313 | 759 | ||||||||
| 7 | Marcos Vivas |
N/A | — | 6,822 | ||||||||
|
|
|
|
|
|||||||||
| 8 | TOTAL PAYMENTS TO INSIDERS |
$ | 82,313 | $ | 275,489 | |||||||
|
|
|
|
|
|||||||||
PROFESSIONALS
| NAME |
DATE OF COURT ORDER AUTHORIZING PAYMENT |
AMOUNT APPROVED |
AMOUNT PAID |
TOTAL PAID TO DATE |
TOTAL INCURRED & UNPAID * |
|||||||||||||||
| 1 | Zack A. Clement |
5/16/2019 | $ | — | $ | — | $ | 69,200 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| 2 | Proskauer |
5/16/2019 | 197,945 | 197,945 | 732,197 | — | ||||||||||||||
| 3 | Reed Smith |
5/16/2019 | 39,714 | 39,714 | 75,421 | — | ||||||||||||||
| 4 | Herbert Smith Freehills |
5/16/2019 | — | — | 4,300 | — | ||||||||||||||
| 5 | Abogados Sierra S.C. |
5/16/2019 | 31,004 | 31,004 | 33,624 | — | ||||||||||||||
| 6 | Prime Clerk |
3/21/2019 | 356,544 | 356,544 | 582,637 | — | ||||||||||||||
| 7 | FTI Consulting |
5/2/2019 | 1,363,141 | 1,363,141 | 3,795,772 | — | ||||||||||||||
| 8 | DLA Piper |
4/22/2019 | 3,793,918 | 3,793,918 | 4,147,636 | 910,000 | ||||||||||||||
| 9 | Rochelle McCullough |
5/16/2019 | 164,776 | 164,776 | 164,776 | — | ||||||||||||||
| 10 | Milbank |
6/12/2019 | 2,095,152 | 2,095,152 | 2,095,152 | 895,692 | ||||||||||||||
| 11 | PJT Partners |
6/12/2019 | 139,355 | 139,355 | 139,355 | 64,839 | ||||||||||||||
| 12 | Haynes and Boone |
6/12/2019 | 252,758 | 252,758 | 252,758 | 118,994 | ||||||||||||||
| 13 | Levene, Neale, Bender, Yoo & Brill |
6/12/2019 | 237,485 | 237,485 | 237,485 | 56,924 | ||||||||||||||
| 14 | Gray Reed & McGraw |
6/12/2019 | 80,271 | 80,271 | 80,271 | 19,770 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
| 15 | TOTAL PAYMENTS TO PROFESSIONALS |
$ | 8,752,064 | $ | 8,752,064 | $ | 12,410,586 | $ | 2,066,219 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS
| NAME OF CREDITOR(1) |
SCHEDULED MONTHLY PAYMENTS DUE |
AMOUNTS PAID DURING MONTH |
TOTAL UNPAID POSTPETITION |
|||||||||||
| 1 | Blue Torch Finance LLC |
513,432.89 | 513,432.89 | — | ||||||||||
| 2 | Thirty Two, LLC |
N/A | N/A | N/A | ||||||||||
| 3 | STEVEN BRISTER |
1,500.00 | 1,500.00 | — | ||||||||||
| 4 | S.E. BRISTER |
1,500.00 | 1,500.00 | — | ||||||||||
| 5 | SEACRAFT SHIPYARD CORPORATON |
1,000.00 | 1,000.00 | — | ||||||||||
| 6 | SCT PROPERTIES LLC |
3,300.00 | 3,300.00 | — | ||||||||||
| 7 | Scholes International |
5,174.97 | 5,174.97 | — | ||||||||||
| 8 | SCHMID MOULTON PARKWAY, LTD |
5,023.25 | 5,023.25 | — | ||||||||||
| 9 | PINNACLE TOWERS, LLC |
999.07 | 999.07 | — | ||||||||||
| 10 | AMERICAN TOWERS, INC. |
1,491.26 | 1,491.26 | — | ||||||||||
| 11 | AMERICAN TOWERS, INC. |
1,694.06 | 1,694.06 | — | ||||||||||
| 12 | AMERICAN TOWERS, INC. |
1,675.03 | 1,675.03 | — | ||||||||||
| 13 | AMERICAN TOWERS, INC. |
1,811.61 | 1,811.61 | — | ||||||||||
| 14 | AMERICAN TOWERS, INC. |
1,748.43 | 1,748.43 | — | ||||||||||
| 15 | AMERICAN TOWERS, INC. |
1,106.81 | 1,106.81 | — | ||||||||||
| 16 | AMERICAN TOWERS, INC. |
1,089.47 | 1,089.47 | — | ||||||||||
| 17 | BG REALTY & MANAGEMENT LLC |
425.00 | 425.00 | — | ||||||||||
| 18 | BG REALTY & MANAGEMENT LLC |
575.00 | 575.00 | — | ||||||||||
| 19 | BG REALTY & MANAGEMENT LLC |
500.00 | 500.00 | — | ||||||||||
| 20 | The Broadwater |
879.00 | 879.00 | — | ||||||||||
| 21 | The Broadwater |
1,089.00 | 1,089.00 | — | ||||||||||
| 22 | The Broadwater |
879.00 | 879.00 | — | ||||||||||
| 23 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
| 24 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
| 25 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
Monthly Operating Report
ACCRUAL BASIS-7
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
| 26 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
| 27 | The Broadwater |
1,059.00 | 1,059.00 | — | ||||||||||
| 28 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
| 29 | The Broadwater |
1,059.00 | 1,059.00 | — | ||||||||||
| 30 | The Broadwater |
1,059.00 | 1,059.00 | — | ||||||||||
| 31 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
| 32 | The Broadwater |
1,069.00 | 1,069.00 | — | ||||||||||
| 33 | The Broadwater |
1,059.00 | 1,059.00 | — | ||||||||||
| 34 | Family Partnership |
8,000.00 | 8,000.00 | — | ||||||||||
| 35 | CORDELL COMMUNICATIONS |
1,033.38 | 1,033.38 | — | ||||||||||
| 36 | ENGLAND ECONOMIC & INDUSTRIAL |
18,184.90 | 18,184.90 | — | ||||||||||
| 37 | EN VEN ENERGY VENTURE |
300.00 | 300.00 | — | ||||||||||
| 38 | FIRST EQUITY INC |
5,008.71 | 5,008.71 | — | ||||||||||
| 39 | GREATER LAFOURCHE PORT |
3,343.17 | 3,343.17 | — | ||||||||||
| 40 | ABBERLY CREST APARTMENTS |
2,642.00 | 2,642.00 | — | ||||||||||
| 41 | Houma Terrebonne Airport |
330.97 | 330.97 | — | ||||||||||
| 42 | Houma Terrebone Airport |
1,249.08 | 1,249.08 | — | ||||||||||
| 43 | Houma Terrebonne Airport |
745.29 | 745.29 | — | ||||||||||
| 44 | Houma Terrebonne Airport |
2,253.95 | 2,253.95 | — | ||||||||||
| 45 | Houma Terrebonne Airport |
2,652.30 | 2,652.30 | — | ||||||||||
| 46 | Houma Terrebonne Airport |
2,042.77 | 2,042.77 | — | ||||||||||
| 47 | Houma Terrebonne Airport |
858.16 | 858.16 | — | ||||||||||
| 48 | Houma Terrebonne Airport |
339.07 | 339.07 | — | ||||||||||
| 49 | Houma Terrebonne Airport |
5,873.66 | 5,873.66 | — | ||||||||||
| 50 | Houma Terrebonne Airport |
10,381.30 | 10,381.30 | — | ||||||||||
| 51 | Irvin P Melancon Inc |
5,512.50 | 5,512.50 | — | ||||||||||
| 52 | LAFAYETTE AIRPORT COMMISSION |
6,894.66 | 6,894.66 | — | ||||||||||
| 53 | Lafayette Airport |
92,389.33 | 92,389.33 | — | ||||||||||
| 54 | MARTIN HOLDINGS, L.L.C. |
12,934.32 | 12,934.32 | — | ||||||||||
| 55 | Lafayette Airport |
5,175.06 | 5,175.06 | — | ||||||||||
| 56 | D C WALSH COMPANY INC |
7,640.25 | 7,640.25 | — | ||||||||||
| 57 | PINNACLE TOWERS, LLC |
876.64 | 876.64 | — | ||||||||||
| 58 | FLIGHT SAFETY INTL INC (RENT) |
1,441.00 | 1,441.00 | — | ||||||||||
| 59 | FLIGHT SAFETY INTL INC (RENT) |
4,248.00 | 4,248.00 | — | ||||||||||
| 60 | Signature Flight Support |
1,569.25 | 1,569.25 | — | ||||||||||
| 61 | The Broadwater |
1,379.00 | 1,379.00 | — | ||||||||||
| 62 | BG REALTY & MANAGEMENT |
495.00 | 495.00 | — | ||||||||||
| 63 | The Broadwater |
1,389.00 | 1,389.00 | — | ||||||||||
| 64 | The Broadwater |
1,419.00 | 1,419.00 | — | ||||||||||
| 65 | The Broadwater |
1,389.00 | 1,389.00 | — | ||||||||||
| 66 | PLANTATION CROSSING APARTMENTS |
995.00 | 995.00 | — | ||||||||||
| 67 | PLANTATION CROSSING APARTMENTS |
995.00 | 995.00 | — | ||||||||||
| 68 | PLANTATION CROSSING APARTMENTS |
995.00 | 995.00 | — | ||||||||||
| 69 | PLANTATION CROSSING APARTMENTS |
1,020.00 | 1,020.00 | — | ||||||||||
| 70 | THE RESERVE AT COURET FARMS |
22.00 | 22.00 | — | ||||||||||
| 71 | THE RESERVE AT COURET FARMS |
1,300.00 | 1,300.00 | — | ||||||||||
| 72 | Canon Financial Services |
238.60 | 238.60 | — | ||||||||||
| 73 | Canon Financial Services |
3,021.33 | 3,021.33 | — | ||||||||||
| 74 | Canon Financial Services |
234.25 | 234.25 | — | ||||||||||
| 75 | Canon Financial Services |
272.72 | 272.72 | — | ||||||||||
| 76 | Canon Financial Services |
240.18 | 240.18 | — | ||||||||||
| 77 | Canon Financial Services |
226.91 | 226.91 | — | ||||||||||
| 78 | Canon Financial Services |
210.13 | 210.13 | — | ||||||||||
| 79 | GreatAmerica Financial Services Corporation |
199.14 | 199.14 | — | ||||||||||
| 80 | GreatAmerica Financial Services Corporation |
212.90 | 212.90 | — | ||||||||||
| 81 | GreatAmerica Financial Services Corporation |
276.46 | 276.46 | — | ||||||||||
| 82 | GreatAmerica Financial Services Corporation |
429.12 | 429.12 | — | ||||||||||
| 83 | GreatAmerica Financial Services Corporation |
208.44 | 208.44 | — | ||||||||||
| 84 | GreatAmerica Financial Services Corporation |
133.95 | 133.95 | — | ||||||||||
| 85 | GreatAmerica Financial Services Corporation |
280.25 | 280.25 | — | ||||||||||
| 86 | GreatAmerica Financial Services Corporation |
442.48 | 442.48 | — | ||||||||||
| 87 | GreatAmerica Financial Services Corporation |
370.56 | 370.56 | — | ||||||||||
| 88 | GreatAmerica Financial Services Corporation |
382.11 | 382.11 | — | ||||||||||
| 89 | GreatAmerica Financial Services Corporation |
635.12 | 635.12 | — | ||||||||||
| 90 | GreatAmerica Financial Services Corporation |
164.45 | 164.45 | — | ||||||||||
| 91 | GreatAmerica Financial Services Corporation |
635.12 | 635.12 | — | ||||||||||
| 92 | GreatAmerica Financial Services Corporation |
245.08 | 245.08 | — | ||||||||||
| 93 | Canon Financial Services |
642.02 | 642.02 | — |
Monthly Operating Report
ACCRUAL BASIS-7
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
| 94 |
Ricoh/Wells Fargo |
109.00 | 109.00 | — | ||||||||||
| 95 |
UNION PACIFIC RAILROAD COMPANY |
3,000.00 | 3,000.00 | — | ||||||||||
| 96 |
CANON FINANCIAL SERVICES, INC. |
241.89 | 241.89 | — | ||||||||||
| 97 |
CANON FINANCIAL SERVICES, INC. |
212.21 | 212.21 | — | ||||||||||
| 98 |
CANON FINANCIAL SERVICES, INC. |
212.15 | 212.15 | — | ||||||||||
| 99 |
CANON FINANCIAL SERVICES, INC. |
230.94 | 230.94 | — | ||||||||||
| 100 |
LA VERANDA OF POLLY LANE |
1,023.00 | 1,023.00 | — | ||||||||||
| 101 |
Canon Financial Services |
312.17 | 312.17 | — | ||||||||||
| 102 |
Canon Financial Services |
298.33 | 298.33 | — | ||||||||||
| 103 |
THE RESERVE AT COURET FARMS |
22.00 | 22.00 | — | ||||||||||
| 104 |
THE RESERVE AT COURET FARMS |
1,300.00 | 1,300.00 | — | ||||||||||
| 105 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 106 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 107 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 108 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 109 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 110 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 111 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 112 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 113 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 114 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 115 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 116 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 117 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 118 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
| 119 |
REDACTED |
REDACTED | REDACTED | REDACTED | ||||||||||
|
|
|
|
|
|
|
|||||||||
| 120 |
TOTAL |
790,594 | 790,594 | — | ||||||||||
|
|
|
|
|
|
|
Notes:
| (1) | Certain information has been redacted due to the nature of an agreement between the Debtor and a third party. |
Monthly Operating Report
ACCRUAL BASIS-8
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
MONTH: July
QUESTIONNAIRE
| YES |
NO | |||||
| 1 | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? |
X | ||||
| 2 | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? |
X | ||||
| 3 | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? |
N/A | N/A | |||
| 4 | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? |
X | ||||
| 5 | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? |
X | ||||
| 6 | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? |
X | ||||
| 7 | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | X | ||||
| 8 | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | X | ||||
| 9 | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | X | ||||
| 10 | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | X | ||||
| 11 | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | X | ||||
| 12 | ARE ANY WAGE PAYMENTS PAST DUE? |
X |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
| (4) | Pursuant to the Interim Order (I) Authorizing the Debtors to Pay or Honor Prepetition Obligations to Certain Critical Vendors, (II) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Critical Vendors Obligations, and (III) Granting Related Relief [Docket No. 65] and the Final Order (I) Authorizing the Debtors to Pay or Honor Prepetition Obligations to Certain Critical Vendors, (II) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Critical Vendors Obligations, and (III) Granting Related Relief [Docket No. 277], the Bankruptcy Court granted the Debtors authority to pay prepetition debts owed to critical vendors. |
Pursuant to the Interim Order (I) Authorizing the Debtors to Pay Certain Prepetition Salaries, Wages, and Compensation, (II) Authorizing the Continuation of Employee Benefit Programs, (III) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Employee Obligations and (IV) Granting Related Relief [Docket No. 66], the Amended Interim Order (I) Authorizing the Debtors to Pay Certain Prepetition Salaries, Wages, and Compensation, (II) Authorizing the Continuation of Employee Benefit Programs, (III) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Employee Obligations and (IV) Granting Related Relief [Docket No. 124] and the Final Order (I) Authorizing the Debtors to Pay Certain Prepetition Salaries, Wages, and Compensation, (II) Authorizing the Continuation of Employee Benefit Programs, (III) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Employee Obligations and (IV) Granting Related Relief [Docket No. 213], the Bankruptcy Court granted the Debtors authority to pay or honor certain pre-petition obligations for wages, salaries and other compensation and employee benefits.
Pursuant to the Interim Order (I) Authorizing the Debtors to Pay Prepetition Claims of Shippers, Warehousemen, and Other Lien Claimants and (II) Granting Related Relief [Docket No. 67] and the Final Order (I) Authorizing the Debtors to Pay Prepetition Claims of Shippers, Warehousemen, and Other Lien Claimants and (II) Granting Related Relief [Docket No. 279], the Bankruptcy Court granted the Debtors authority to pay prepetition debts owed to shippers, warehousemen and other lien claimants.
Pursuant to the Interim Order (I) Authorizing the Debtors to Continue Their Insurance Policies and Pay Prepetition Obligations in Respect Thereof and (II) Granting Related Relief [Docket No. 71] and the Final Order (I) Authorizing the Debtors to Continue Their Insurance Policies and Pay Prepetition Obligations in Respect Thereof and (II) Granting Related Relief [Docket No. 281], the Bankruptcy Court granted the Debtors authority to pay prepetition insurance obligations in connection with their insurance policies.
Pursuant to the Order (I) Authorizing the Debtors to Honor Certain Prepetition Obligations to Customers, (II) Authorizing the Debtors to Continue Their Customer Program in the Ordinary Course of Business, and (III) Granting Related Relief [Docket No. 73], the Bankruptcy Court granted the Debtors authority to pay prepetition customer obligations.
Pursuant to the Interim Order (I) Authorizing the Debtors to Maintain, Administer and Modify Their Refund Programs and Practices and (II) Granting Related Relief [Docket No. 74] and the Final Order (I) Authorizing the Debtors to Maintain, Administer and Modify Their Refund Programs and Practices and (II) Granting Related Relief [Docket No. 280], the Bankruptcy Court granted the Debtors authority to pay prepetition patient refunds.
| (10) | Postpetition delinquent amounts are incurred in the ordinary course and reflect delays in receipt of invoices and invoice reconciliation. |
Monthly Operating Report
ACCRUAL BASIS-8
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11
INSURANCE
| YES |
NO | |||||
| 1 |
ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | X | ||||
| 2 |
ARE ALL PREMIUM PAYMENTS PAID CURRENT? |
X | ||||
| 3 |
PLEASE ITEMIZE POLICIES BELOW. |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSTALLMENT PAYMENTS
| TYPE OF POLICY |
CARRIER |
PERIOD COVERED | PAYMENT AMOUNT & FREQUENCY |
|||||
| Property |
Zurich American |
02/01/2019-02/01/2020 | 389,169 annually | |||||
| Excess Flood |
Aspen Specialty |
02/01/2019-02/01/2020 | 27,359 annually | |||||
| Excess Flood |
James River |
02/01/2019-02/01/2020 | 25,909 annually | |||||
| Excess Flood |
Evanston |
02/01/2019-02/01/2020 | 31,455 annually | |||||
| Medical Professional Liability |
Capitol Specialty |
02/01/2019-02/01/2020 | 235,048 annually | |||||
| Medical Professional Liability (excess) |
Illinois Union |
02/01/2019-02/01/2020 | 51,600 annually | |||||
| Medical Professional Liability (excess) |
Endurance American |
02/01/2019-02/01/2020 | 57,482 annually | |||||
| Medical Professional Liability (excess) |
Beazley |
02/01/2019-02/01/2020 | 56,760 annually | |||||
| Medical Professional Liability (excess) |
QBE Insurance Limited |
02/01/2019-02/01/2020 | 15,000 annually | |||||
| Excess Spares |
Energy Risk Limited via Lloyds |
02/01/2019-02/01/2020 | 123,750 annually | |||||
| Pollution Liability |
Beazley |
02/01/2018-02/01/2021 | 167,760 3 years | |||||
| Special Crime |
US Specialty (Tokio Marine/HCC) |
02/20/2018-02/20/2021 | 14,520 3 years | |||||
| Cyber Liability |
Beazley |
05/01/2019-05/01/2020 | 74,402 annually | |||||
| Business Auto Liability |
Starr Indemnity & Liability |
05/01/2019-05/01/2020 | 212,144 annually | |||||
| Workers Comp |
Starr Indemnity & Liability |
05/01/2019-05/01/2020 | 65,004 monthly | |||||
| Defense Base Act WC |
Starr Indemnity & Liability |
05/01/2019-05/01/2020 | 17,975 annually | |||||
| Excess WC/EL/Auto Liability |
Starr Indemnity & Liability |
05/01/2019-05/01/2020 | 62,215 annually | |||||
| Foreign Master Placement |
ACE American (Chubb) |
05/01/2019-05/01/2020 | 266,472 annually | |||||
| Crime |
Great American |
05/01/2019-08/01/2019 | 4,620 one-time | |||||
| Fiduciary |
QBE |
05/01/2019-08/01/2019 | 5,041 one-time | |||||
| Fiduciary (excess) |
US Specialty (Tokio Marine/HCC) |
05/01/2019-08/01/2019 | 3,024 one-time | |||||
| Employment Practices Liability |
Federal Insurance (Chubb) |
05/01/2019-08/01/2019 | 15,955 one-time | |||||
| D&O - 6 mo extension/6yr tail |
QBE |
05/01/2019-11/01/2019 | 585,000 one-time | |||||
| D&O (excess) - 6 mo extension/6 yr tail |
ACE American (Chubb) |
05/01/2019-11/01/2019 | 306,860 one-time | |||||
| D&O (excess) - 6 mo extension/6 yr tail |
Great American |
05/01/2019-11/01/2019 | 174,000 one-time | |||||
| D&O (excess) - 6 mo extension/6 yr tail |
Endurance American (Sompo) |
05/01/2019-11/01/2019 | 120,000 one-time | |||||
| D&O (excess) - 6 mo extension/6 yr tail |
Axis |
05/01/2019-11/01/2019 | 109,200 one-time | |||||
| D&O (excess) - 6 mo extension/6 yr tail |
US Specialty (Tokio Marine/HCC) |
05/01/2019-11/01/2019 | 136,000 one-time | |||||
| D&O (excess) - 6 mo extension/6 yr tail |
Starr Indemnity & Liability |
05/01/2019-11/01/2019 | 101,250 one-time | |||||
| Hull, Spares, Liability & War |
Allianz Global Risks US - lead |
08/01/2017-08/01/2019 | 586,031 monthly | |||||
| Excess Hull Liability |
QBE North America |
08/01/2017-08/01/2019 | 6,325 monthly | |||||