EX-99.1 2 d608872dex991.htm EX-99.1 EX-99.1

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:

   

April

   

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

                  

5/20/2019

PRINTED NAME OF RESPONSIBLE PARTY                                  DATE
PREPARER:     

    /s/ Trudy McConnaughhay

     

Chief Financial Officer

ORIGINAL SIGNATURE OF PREPARER                                  TITLE

Trudy McConnaughhay

     

5/20/2019

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      MONTH  

ASSETS

            

1   CASH

    $ 1,521,227      $ 1,482,726      $ 11,553,421     

2   SHORT TERM INVESTMENTS

      67,663,452        73,335,815        80,301,658     

3   ACCOUNTS RECEIVABLE - (NET)

      63,593,129        62,585,376        57,938,940     

4   INVENTORY (NET)

      38,320,271        39,525,144        29,722,554     

5   PREPAID EXPENSES & OTHER

      6,803,414        8,779,041        8,244,372     

6   OTHER CURRENT ASSETS

      984,820        859,278        859,278     

7   INCOME TAXES RECEIVABLE

      384,937        384,937        7,284     

8   TOTAL CURRENT ASSETS

    $ 179,271,250      $ 186,952,316      $ 188,627,507     

9   PROPERTY, PLANT & EQUIPMENT (NET)

      569,099,800        567,577,555        563,507,863     

10   RIGHT OF USE ASSETS

      137,327,125        134,799,396        120,905,491     

11   RESTRICTED INVESTMENTS

      19,788,774        19,788,774        19,738,774     

12   OTHER ASSETS

      18,280,517        17,206,609        17,720,777     

13   DEFERRED INCOME TAXES - ASSETS

      2,717,649        932,075        2,104,704     

14   GOODWILL

         —          —       

15   INTANGIBLES

         —          —       

16   TOTAL ASSETS

    $ 926,485,115      $ 927,256,725      $ 912,605,116     

POSTPETITION LIABILITIES

            

17   NOTES PAYABLE

         —          —       

18   ACCOUNTS PAYABLE

         6,883,955        6,778,691     

19   ACCRUED EXPENSES

         6,642,941        13,426,210     

20   CURRENT PORTION OF LONG-TERM DEBT

         —          875,000     

21   LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS

         —          —       

22   DEFERRED INCOME TAXES PAYABLE

         —          —       

23   OTHER LONG TERM CREDITS AND LIAB

         —          18,085     

24   LT OPERATING LEASE LIABILITIES

         —          —       

25   TOTAL POSTPETITION LIABILITIES

         13,526,897        21,097,986     

PREPETITION LIABILITIES

            

26   LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS

      193,735,691        193,735,691        193,015,195     

27   PRIORITY DEBT

      9,194        9,194        9,194     

28   UNSECURED DEBT

      514,717,622        513,182,310        512,372,947     

29   ACCRUED EXPENSES

      48,845,696        45,701,306        40,281,223     

30   DEFERRED INCOME TAXES PAYABLE

         —          —       

31   OTHER LONG TERM CREDITS AND LIAB

      1,417,259        1,406,972        1,406,972     

32   LT OPERATING LEASE LIABILITIES

      110,451,569        110,250,930        99,976,305     

33   TOTAL PREPETITION LIABILITIES

      869,177,031        864,286,403        847,061,837     

34   TOTAL LIABILITIES

      869,177,031        877,813,300        868,159,823     

EQUITY

            

35   PREPETITION OWNERS’ EQUITY

      57,308,084        49,443,425        44,445,292     

36   POSTPETITION CUMULATIVE PROFIT OR (LOSS)

            —       

37   DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

            —       

38   TOTAL EQUITY

      57,308,084        49,443,425        44,445,292     

39   TOTAL LIABILITIES & OWNERS’ EQUITY

      926,485,115        927,256,725        912,605,116     

   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     MONTH      MONTH  

REVENUES

 

       

1   GROSS REVENUES

    $ 13,383,146     $ 25,233,863       

2   LESS: RETURNS & DISCOUNTS

      —         —         

3   NET REVENUE

    $ 13,383,146     $ 25,233,863       

AIRCRAFT VARIABLE COSTS

          

4   HUMAN RESOURCES - VC

      (1,181,672 )      (2,198,199 )      

5   OCCUPANCY SUPPLIES - VC

      (33,830 )      (84,523 )      

6   NON-AC DEPR - AIRCRAFT - VC

      (28,645 )      (15,731 )      

7   Part 145 Maint - VC

      570,244       595,561       

8   UNDER (OVER) GFS UTILIZATION - VC

      (176,556 )      7,423       

9   OTHER - AIRCRAFT - VC

      (60,737 )      (109,612 )      

10   SPARE PARTS

      (532,489 )      (699,816 )      

11   REPAIRS

      (323 )      (1,334,463 )      

12   POWER BY THE HOUR

      (2,626,036 )      (4,292,279 )      

13   FUEL

      (516,815 )      (1,079,064 )      

14   SUPPLY CHAIN ALLOCATION - VC

      983,263       680,767       

15   TOTAL AIRCRAFT VARIABLE COSTS

      (3,603,594 )      (8,529,935 )      

AIRCRAFT FIXED COSTS

          

16   APPLIED AIRCRAFT FIXED COSTS

      2,232       4,070       

17   AIRCRAFT DEPRECIATION

      (1,522,245 )      (3,090,903 )      

18   AIRCRAFT PROPERTY TAX

      (206,616 )      (376,770 )      

19   INSURANCE

      (137,687 )      (253,824 )      

20   HELICOPTER RENT

      (1,399,285 )      (2,557,494 )      

21   AIRCRAFT PILOT SALARIES

      (1,600,655 )      (2,684,686 )      

22   AIRCRAFT MECHANIC SALARIES

      (1,565,936 )      (2,540,479 )      

23   SUPPLY CHAIN ALLOCATION

      (936,375 )      (504,469 )      

24   TOTAL AIRCRAFT FIXED COSTS

      (7,366,568 )      (12,004,555 )      

COST OF GOODS SOLD

          

25   COST OF GOODS SOLD

      (185,876 )      (8,840 )      

OPERATING EXPENSE

          

26   HR - OPERATING EXPENSES

      (687,823 )      (1,580,630 )      

27   OCCUPANCY SUPPLIES-OE

      (525,150 )      (723,777 )      

28   NON-AC DEPRECIATION - OE

      (103,046 )      (258,799 )      

29   NON-AC ALLOCATIONS - OE

      197,366       613,653       

30   OTHER - OPERATING EXPENSES

      (1,334,931 )      (2,702,188 )      

31   EMPLOYEE BENEFITS

      (10,069 )      (22,819 )      

32   TOTAL OPERATING EXPENSE

      (2,463,654 )      (4,674,560 )      

SELLING, GENERAL AND ADMIN

          

33   HUMAN RESOURCES - SG&A

      (1,133,282 )      (3,566,862 )      

34   OCCUPANCY SUPPLIES - SG&A

      (128,713 )      (211,892 )      

35   NON-AC DEPRECIATION - SG&A

      (89,631 )      (125,207 )      

36   NON-AC ALLOCATION - SG&A

      (26,064 )      144,470       

37   OTHER SG&A

      (1,922,195 )      (1,788,835 )      

38   LEGAL AUDIT

      (1,466,562 )      (355,552 )      

39   TOTAL SELLING, GENERAL AND ADMIN

      (4,766,447 )      (5,903,878 )      

40   TOTAL OPERATING EXPENSES

      (18,386,140 )      (31,121,768 )      

41   GAIN/LOSS ON DISPOSITION OF ASSETS, NET

      —         (88,711 )      

42   EQUITY NET LOSS

      173,638       449,694       

43   OPERATING INCOME

      (4,829,356 )      (5,526,923 )      

OTHER INCOME & EXPENSES

          

44   OTHER INCOME/EXPENSES, NET

      (1,249,729 )      (1,228,269 )      

45   EARNINGS BEFORE INCOME TAXES

      (6,079,084 )      (6,755,192 )      

46   INCOME TAX EXPENSE

      (1,785,574 )      1,188,669       

47   NET EARNINGS

      (7,864,658 )      (5,566,522 )      

   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     MONTH      QUARTER  

1   CASH - BEGINNING MARCH 15

    $ 89,048,896     $ 95,426,105       

RECEIPTS FROM OPERATIONS

          

2   CASH SALES

      —         —         

COLLECTION OF ACCOUNTS RECEIVABLE

          

3   PREPETITION & POSPETITION RECEIPTS

      12,872,873       34,969,326       

4   TOTAL OPERATING RECEIPTS

    $ 12,872,873     $ 34,969,326       

NON-OPERATING RECEIPTS

          

5   TRANSFERS FROM PHI AIR MEDICAL

      6,861,387       17,042,364       

6   SALE OF ASSETS

      —         —         

7   INTEREST INCOME

      16,951       207,467       

8   TOTAL RECEIPTS

    $ 19,751,211     $ 52,219,158       

OPERATING DISBURSEMENTS

          

9   NET PAYROLL, PAYROLL TAXES, AND BENEFITS

      (9,289,506 )      (19,391,239 )      

10   MAINTENANCE & MISC EXPENSES

      (2,594,255 )      (11,073,068 )      

11   AIRCRAFT LEASES

      (250,685 )      (1,400,964 )      

12   FUEL

      (1,007,551 )      (1,147,023 )      

13   TAXES

      (68,316 )      (1,377,357 )      

14   TOTAL OPERATING DISBURSEMENTS

    $ (13,210,314 )    $ (34,389,651 )      

NON-OPERATING DISBURSEMENTS

          

15   TRANFSERS TO NON-DEBTORS

      (163,689 )      (236,908 )      

16   TOTAL NON-OPERATING DISBURSEMENTS

    $ (163,689 )    $ (236,908 )      

REORGANIZATION EXPENSES

          

17   PROFESSIONAL FEES

      —         —         

18   U.S. TRUSTEE FEES

      —         (1,625 )      

19   TOTAL DISBURSEMENTS

      (13,374,003 )      (34,628,184 )      

20   NET CASH FLOW

      6,377,209       17,590,974       

21   CASH - END OF MONTH

    $ 95,426,105     $ 113,017,078       

   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     MONTH      MONTH  

1   0-30

    $ 22,971,054     $ 23,176,156       

2   31-60

      25,811,099       19,206,916       

3   61-90

      482,663       4,444,544       

4   91+

      8,632,802       7,405,347       

5   TOTAL ACCOUNTS RECEIVABLE

    $ 57,897,618     $ 54,232,963       

6   AMOUNT CONSIDERED UNCOLLECTIBLE

      (4,371,785 )      (4,371,785 )      

7   ACCOUNTS RECEIVABLE (NET)

    $ 53,525,833     $ 49,861,178       

AGING OF POSTPETITION TAXES AND PAYABLES

 

              MONTH: April     

TAXES PAYABLE

    0-30 DAYS      31-60 DAYS      61-90 DAYS      91+ DAYS      TOTAL  

1   FEDERAL

    $ 713,362      $ —        $ —        $ —        $ 713,362  

2   STATE

      431,179        —          —          —          431,179  

3   LOCAL

      —          —          —          1,769,858        1,769,858  

4   OTHER (ATTACH LIST)

      325        —          —          79,439        79,764  

5   TOTAL TAXES PAYABLE

    $ 1,144,866      $ —        $ —        $ 1,849,297      $ 2,994,163  

6   ACCOUNTS PAYABLE (1)

      4,192,794        6,513,221        3,100,016        2,234,732        16,040,763  

STATUS OF POSTPETITION TAXES

 

          MONTH: April    

FEDERAL

    BEGINNING
TAX
LIABILITY		      AMOUNT
WITHHELD AND/
OR ACCRUED		     AMOUNT
PAID		     ENDING
TAX
LIABILITY		  

1   WITHHOLDING

    $ 2,626      $ 784,456     $ (774,136 )    $ 12,946  

2   FICA-EMPLOYEE

      1,127        511,234       (507,592 )      4,769  

3   FICA-EMPLOYER

      240,941        561,372       (506,048 )      296,265  

4   UNEMPLOYMENT

      44,459        286       (44,459 )      286  

5   INCOME

      —          —         —         —    

6   OTHER (ATTACH LIST)

      491,296        338,887       (431,086 )      399,096  

7   TOTAL FEDERAL TAXES

    $ 780,448      $ 2,196,235     $ (2,263,321 )    $ 713,362  

STATE AND LOCAL

          

8   WITHHOLDING

      265,730        190,482       (262,335 )      193,877  

9   SALES

      259,082        (81,989 )      (22,824 )      154,269  

10   EXCISE

      —          —         —         —    

11   UNEMPLOYMENT

      84,126        3,085       (4,178 )      83,033  

12   REAL PROPERTY

      38,118        12,706       —         50,824  

13   PERSONAL PROPERTY

      1,287,436        431,597       —         1,719,034  

14   OTHER (ATTACH LIST)

      61,939        19,425       (1,600 )      79,764  

15   TOTAL STATE & LOCAL

    $ 1,996,432      $ 575,306     $ (290,937 )    $ 2,280,801  

16   TOTAL TAXES

    $ 2,776,880      $ 2,771,542     $ (2,554,258 )    $ 2,994,163  

Notes:

 

(1) 

Includes trade only.

   Monthly Operating Report
   ACCRUAL BASIS-4
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      $ 100      $ —        $ —       $ 100  

PHI, Inc - Arizona - 2018 Tax Accrual

      Income Tax        50        —          —         50  

PHI, Inc - Kentucky - 2018 Tax Accrual

      Income Tax        175        —          —         175  

PHI, Inc - California - 2019 Tax Accrual(1)

      Income Tax        340        133        (1,600 )      (1,127 ) 

PHI, Inc - Arizona - 2019 Tax Accrual

      Income Tax        13        4        —         17  

PHI, Inc - Mississippi - 2019 Tax Accrual

      Income Tax        4,336        1,445        —         5,781  

PHI, Inc - New Jersey - 2019 Tax Accrual

      Income Tax        500        167        —         667  

PHI, Inc - Texas - 2019 Tax Accrual

      Income Tax        56,426        17,676        —         74,102  

Total

       $ 61,939      $ 19,425      $ (1,600 )    $ 79,764  

Notes:

 

(1)

The Debtor prepaid the estimated full annual amount due

   Monthly Operating Report
   ACCRUAL BASIS-5
CASE NAME: PHI, Inc., et al.,   
CASE NUMBER: 19-30923-hdh11   

 

                                        MONTH: April        
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

   $ 12,567,084     $ —       $ 14,862     $ 3,009     $ —       $ 361,283     $ 30,408     $ 12,976,646  

2   ADD: TOTAL DEPOSITS NOT CREDITED

     —         —         —         —         —         —         —         —    

3   SUBTRACT: OUTSTANDING CHECKS

     (1,414,045 )      (97,436 )      —           (2,166 )      —           (1,513,647 ) 

4   OTHER RECONCILING ITEMS

     43,519       46,120       —         834       (51 )      —           90,422  

5   MONTH END BALANCE PER BOOKS

   $ 11,196,558     $ (51,317 )    $ 14,862     $ 3,843     $ (2,217 )    $ 361,283     $ 30,408     $ 11,553,421  

6   NUMBER OF LAST CHECK WRITTEN

     585611       24419       N/A       N/A      
 N/A - ZBA
Sweep		  
 		      

INVESTMENT ACCOUNTS

 

BANK, ACCOUNT NAME & NUMBER

    DATE OF
PURCHASE		     

TYPE OF INSTRUMENT

    PURCHASE
PRICE		      CURRENT
VALUE		  

7   UBS - Special Projects Account *4A2

      N/A      Short Term Money Market Govt Funds      N/A      $ 26,873,939  

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        51,508,759  

10   UBS - SERP *4A2

      N/A      Short Term Money Market Govt Funds      N/A        785,757  

11   UBS - Collateral *6A2

      N/A      Short Term Money Market Govt Funds      N/A        12,963,977  

12   UBS - FX *5A2

      N/A      Short Term Money Market Govt Funds      N/A        245,000  

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

             $ 100,040,432  
CASH  

17   CURRENCY ON HAND

               —    

18   TOTAL CASH - END OF MONTH

             $ 111,593,853  

   Monthly Operating Report
   ACCRUAL BASIS-6
CASE NAME: PHI, Inc., et al.,   
CASE NUMBER: 19-30923-hdh11   

 

MONTH: April                

PAYMENTS TO INSIDERS AND PROFESSIONALS

 

INSIDERS

 

NAME

    TYPE OF
PAYMENT		      AMOUNT
PAID		      TOTAL PAID
TO DATE		  

1   None

      N/A        N/A        N/A  

2   

         

3   

         

4   

         

5   

         

6   TOTAL PAYMENTS TO INSIDERS

       $ —        $ —    

 

PROFESSIONALS

 

NAME

    DATE OF COURT
ORDER AUTHORIZING
PAYMENT		      AMOUNT
APPROVED		      AMOUNT
PAID		      TOTAL PAID
TO DATE		      TOTAL
INCURRED
& UNPAID *		  

1   None

      N/A        N/A        N/A        N/A        N/A  

2   

               

3   

               

4   

               

5   

               

6   TOTAL PAYMENTS TO PROFESSIONALS

               

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

      N/A        N/A        N/A  

2   Thirty Two, LLC

      N/A        N/A        N/A  

3   PLANTATION CROSSING APARTMENTS

      995.00        995.00        —    

4   PLANTATION CROSSING APARTMENTS

      995.00        995.00        —    

5   PLANTATION CROSSING APARTMENTS

      995.00        995.00        —    

6   THE BROADWATER

      1,389.00        1,389.00        —    

7   THE BROADWATER

      1,419.00        1,419.00        —    

8   THE BROADWATER

      1,389.00        1,389.00        —    

9   BG REALTY & MANAGEMENT LLC

      495.00        495.00        —    

10   THE BROADWATER

      1,379.00        1,379.00        —    

11   Signature Flight Support

      1,523.55        1,523.55        —    

12   FLIGHT SAFETY INTL INC (RENT)

      1,441.00        1,441.00        —    

13   FLIGHT SAFETY INTL INC (RENT)

      4,248.00        4,248.00        —    

14   INTERNATIONAL BUSINESS

      1,061.00        1,061.00        —    

15   PINNACLE TOWERS, LLC

      876.64        876.64        —    

16   D C WALSH COMPANY INC

      7,640.25        7,640.25        —    

17   LAFAYETTE AIRPORT

      5,175.06        5,175.06        —    

18   MARTIN HOLDINGS, L.L.C.

      20,019.94        20,019.94        —    

19   LAFAYETTE AIRPORT

      92,389.33        92,389.33        —    

20   LAFAYETTE AIRPORT

      6,894.66        6,894.66        —    

21   IRVIN P MELANCON INC

      5,512.50        5,512.50        —    

22   HOUMA TERREBONNE AIRPORT

      10,381.30        10,381.30        —    

23   HOUMA TERREBONNE AIRPORT

      5,873.66        5,873.66        —    

24   HOUMA TERREBONNE AIRPORT

      339.07        339.07        —    

25   HOUMA TERREBONNE AIRPORT

      2,042.77        2,042.77        —    

26   HOUMA TERREBONNE AIRPORT

      858.16        858.16        —    

27   HOUMA TERREBONNE AIRPORT

      2,652.30        2,652.30        —    

28   HOUMA TERREBONNE AIRPORT

      2,253.95        2,253.95        —    

29   HOUMA TERREBONNE AIRPORT

      745.29        745.29        —    

30   HOUMA TERREBONNE AIRPORT

      1,249.08        1,249.08        —    

31   HOUMA TERREBONNE AIRPORT

      330.97        330.97        —    

32   ABBERLY CREST APARTMENTS

      2,642.00        2,642.00        —    

33   GREATER LAFOURCHE PORT

      3,343.17        3,343.17        —    

34   FIRST EQUITY INC

      4,950.00        4,950.00        —    

35   EN VEN ENERGY VENTURES LLC

      300.00        300.00        —    

36   ENGLAND ECONOMIC & INDUSTRIAL

      17,741.37        17,741.37        —    

37   ENGLAND ECONOMIC & INDUSTRIAL

      443.53        443.53        —    

   Monthly Operating Report
   ACCRUAL BASIS-6
CASE NAME: PHI, Inc., et al.,   
CASE NUMBER: 19-30923-hdh11   

 

38   CORDELL COMMUNICATIONS

      1,033.38        1,033.38        —    

39   FAMILY PARTNERSHIP LLC

      8,000.00        8,000.00        —    

40   THE BROADWATER

      1,059.00        1,059.00        —    

41   THE BROADWATER

      1,069.00        1,069.00        —    

42   THE BROADWATER

      1,069.00        1,069.00        —    

43   THE BROADWATER

      1,059.00        1,059.00        —    

44   THE BROADWATER

      1,059.00        1,059.00        —    

45   THE BROADWATER

      1,069.00        1,069.00        —    

46   THE BROADWATER

      1,059.00        1,059.00        —    

47   THE BROADWATER

      1,069.00        1,069.00        —    

48   THE BROADWATER

      1,069.00        1,069.00        —    

49   THE BROADWATER

      1,069.00        1,069.00        —    

50   THE BROADWATER

      1,069.00        1,069.00        —    

51   THE BROADWATER

      879.00        879.00        —    

52   THE BROADWATER

      1,089.00        1,089.00        —    

53   THE BROADWATER

      879.00        879.00        —    

54   BG REALTY & MANAGEMENT LLC

      500.00        500.00        —    

55   BG REALTY & MANAGEMENT LLC

      575.00        575.00        —    

56   BG REALTY & MANAGEMENT LLC

      425.00        425.00        —    

57   AMERICAN TOWERS, INC.

      1,057.74        1,057.74        —    

58   AMERICAN TOWERS, INC.

      1,074.57        1,074.57        —    

59   AMERICAN TOWERS, INC.

      1,665.17        1,665.17        —    

60   AMERICAN TOWERS, INC.

      1,811.61        1,811.61        —    

61   AMERICAN TOWERS, INC.

      1,610.61        1,610.61        —    

62   AMERICAN TOWERS, INC.

      1,694.06        1,694.06        —    

63   AMERICAN TOWERS, INC.

      1,491.26        1,491.26        —    

64   4K SERVICES INC (RENT ONLY)

      1,800.00        1,800.00        —    

65   4K SERVICES INC (RENT ONLY)

      12,600.00        12,600.00        —    

66   PINNACLE TOWERS, LLC

      999.07        999.07        —    

67   SCHMID MOULTON PARKWAY, LTD

      5,023.25        5,023.25        —    

68   SCHOLES INTERNATIONAL A/P

      5,048.75        5,048.75        —    

69   SCT PROPERTIES LLC

      3,300.00        3,300.00        —    

70   SEACRAFT SHIPYARD CORPORATON

      1,000.00        1,000.00        —    

71   STEVEN BRISTER

      1,500.00        1,500.00        —    

72   STEVEN BRISTER

      1,500.00        1,500.00        —    

73   MILLION AIR LAKE CHARLES

      5,000.00        5,000.00        —    

74   GUARDIAN SHARED SERVICES LTD

      8,955.45        8,955.45        —    

75   GUARDIAN SHARED SERVICES LTD

      11,811.94        11,811.94        —    

76   ECONO CAR RENTALS LIMITED

      1,018.22        1,018.22        —    

77   ECONO CAR RENTALS LIMITED

      1,308.41        1,308.41        —    

78   ECONO CAR RENTALS LIMITED

      974.58        974.58        —    

79   REDACTED

      REDACTED        REDACTED        REDACTED  

80   REDACTED

      REDACTED        REDACTED        REDACTED  

81   REDACTED

      REDACTED        REDACTED        REDACTED  

82   REDACTED

      REDACTED        REDACTED        REDACTED  

83   REDACTED

      REDACTED        REDACTED        REDACTED  

84   REDACTED

      REDACTED        REDACTED        REDACTED  

85   REDACTED

      REDACTED        REDACTED        REDACTED  

86   REDACTED

      REDACTED        REDACTED        REDACTED  

87   REDACTED

      REDACTED        REDACTED        REDACTED  

88   REDACTED

      REDACTED        REDACTED        REDACTED  

89   REDACTED

      REDACTED        REDACTED        REDACTED  

90   REDACTED

      REDACTED        REDACTED        REDACTED  

91   REDACTED

      REDACTED        REDACTED        REDACTED  

92   REDACTED

      REDACTED        REDACTED        REDACTED  

93   REDACTED

      REDACTED        REDACTED        REDACTED  

94   TOTAL

      309,329        309,329        —    

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-7
CASE NAME: PHI, Inc., et al.,   
CASE NUMBER: 19-30923-hdh11   

 

MONTH: April                                    

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

 

(11)

Pursuant to the Interim Order (I) Authorizing the Debtors to Pay Certain Prepetition Taxes and (II) Granting Related Relief [Docket No. 70] and the Final Order (I) Authorizing the Debtors to Pay Certain Prepetition Taxes and (II) Granting Related Relief [Docket No. 275], the Bankruptcy Court granted the Debtors authority to pay prepetition taxes.

   Monthly Operating Report
   ACCRUAL BASIS-7
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

    Lloyds, London - Brit / Kiln      05/01/2018-05/01/2019        68,153 annually  

Business Auto Liability

    Starr Indemnity & Liability      05/01/2018-05/01/2019        186,181 annually  

Workers Comp

    Starr Indemnity & Liability      05/01/2018-05/01/2019        57,905 monthly  

Defense Base Act WC

    Allied World      05/01/2018-05/01/2019        21,000 annually  

Excess WC/EL/Auto Liability

    Starr Indemnity & Liability      05/01/2018-05/01/2019        60,000 annually  

Foreign Master Placement

    ACE American (Chubb)      05/01/2018-05/01/2019        302,789 annually  

Crime

    Great American      05/01/2018-05/01/2019        18,481 annually  

Fiduciary

    QBE      05/01/2018-05/01/2019        20,000 annually  

Fiduciary (excess)

    US Specialty (Tokio Marine/HCC)      05/01/2018-05/01/2019        12,000 annually  

Employment Practices Liability

    Federal Insurance (Chubb)      05/01/2018-05/01/2019        63,300 annually  

D&O

    QBE      05/01/2018-05/01/2019        125,000 annually  

D&O (excess)

    ACE American (Chubb)      05/01/2018-05/01/2019        67,000 annually  

D&O (excess)

    Great American      05/01/2018-05/01/2019        40,000 annually  

D&O (excess)

    Endurance American (Sompo)      05/01/2018-05/01/2019        30,000 annually  

D&O (excess)

    Axis      05/01/2018-05/01/2019        28,000 annually  

D&O (excess)

    US Specialty (Tokio Marine/HCC)      05/01/2018-05/01/2019        34,000 annually  

D&O (excess)

    Starr Indemnity & Liability      05/01/2018-05/01/2019        27,000 annually  

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