Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Chapter 11 Cases

On March 14, 2019 (the “Petition Date”), the Company and its principal U.S. subsidiaries listed in Exhibit 99.1 hereto (collectively, 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 (the “Bankruptcy Code”). The Debtors have requested joint administration of their Chapter 11 Cases under the caption In re: PHI, Inc., et al., Case No. 19-30923. See Note 1, Summary of Significant Accounting Policies - Chapter 11 Cases.

New Term Loan Agreement

As discussed in Note 8, Debt on March 13, 2019, we entered into the Term Loan Agreement. The full principal amount of the Term Loan is due March 11, 2023.

Acceleration of Certain Debt Obligations

As discussed in Note 8, Debt, the commencement of the Chapter 11 Cases constituted an event of default that accelerated the obligations under certain of our debt instruments. Any efforts to enforce payment of such financial obligations under such debt instruments are automatically stayed as a result of the filing of the Chapter 11 Cases.

Notification of NASDAQ Delisting

On March 15, 2019, the Nasdaq Stock Market (“Nasdaq”) notified us that, as a result of the filing of the Chapter 11 Cases and in accordance with applicable rules, Nasdaq has determined to delist the Company’s common stock from Nasdaq. The Company is considering whether to appeal this determination.