PHI delisted from Nasdaq following Chapter 11
Oil-and-gas helicopter operator PHI Helicopters has been delisted by the Nasdaq stock exchange after the firm filed for Chapter 11 on 14 March.
PHI states in an SEC filing that it was informed on 15 March by Nasdaq that its stock would be suspended from the opening of business on 26 March.
The operator did have the right to appeal, but has chosen not to do so.
Upon delisting, PHI says it expects its stock will start to trade on the Over-the-Counter Pink Market on March 26, 2019 under the symbols PHIIDQ and PHIIKDQ, a common occurrence for listed firms going through a bankruptcy.
PHI filed for Chapter 11 after business hours on 14 March, when its stock price closed at $4.11 a share. On 15 March, PHI stock slid to $2.77 a share. Trading this week has seen a further decline of the company’s share price, with shares standing at $1.40 when trading closed on 21 March.
The oil-and-gas operator voluntary filed for Chapter 11 due largely to its not having the monies to repay $500 million worth of senior notes maturing on 15 March.
PHI’s court filing showed PHI has approximately $700 million worth of debt, including the $500 million worth of 2019 notes.