being bought by AG, PHI was insolvent and on the the brink of foreclosure by several banks. The banks brought in a headhunter to turn things around or prep the company for sale. One glaring issue was the entire fleet was held in collateral. The first bond sale for $250M went to repurchase the fleet and start the road to profit. But since this fleet was old and did not provide the ability to service deepwater, a 2nd bond issue was done to modernize the fleet and included purchasing the original bonds at a better rate. So most of the $500M was from bailing out the company back in 2001 and purchasing 34 S-92s. And after the oil spill, oil price collapse, and parking/selling over half the 92s, you have the same debt but limited income. So here we are.