PHI helicopter shareholders: Sell medical division
Some shareholders of PHI, the Lafayette helicopter company, want the company to sell its medical air service division to pay off most of its $600 million debt, The Daily Advertiser reports.
PHI’s medical division is headquartered in Phoenix, Arizona. The company’s headquarters, including its oil and gas division, is located in Lafayette.
PHI shareholders Alesia Asset Management and private investor Timothy Stabosz, who control about 4.6% of the company’s non-voting stock, made the suggestion in a Sept. 6 letter to the board of directors.
“We believe in (Chairman and CEO) Al Gonsoulin. We believe in his strategy,” Stabosz told The Daily Advertiser Tuesday. “We’re advocating selling the medical division. We think we can get upwards of $500 million and pay off most of the $600 million debt.”
The company would remain an oil and gas operation taking people out to offshore rigs, he said.
The trouble began in late 2017 when PHI took on more debt when it bought the operations of HNZ, an international oil and gas helicopter company operating in Australia, New Zealand, Papua New Guinea and the Philippines.