SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 to 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 19, 1994
PETROLEUM HELICOPTERS, INC.
(Exact name of registrant as specified in its charter)
Louisiana 0-9827 72-0395707
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5728 Jefferson Highway, P.O. Box 23502, New Orleans, Louisiana 70123
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (504) 733-6790
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Item 5. Other Events.
On July 19, 1994, Petroleum Helicopters, Inc. issued the
following press release:
NEWS - For Immediate Release FROM: Petroleum Helicopters, Inc.
NEW ORLEANS, July 19, 1994 5728 Jefferson Highway
P.O. Box 23502
New Orleans, LA 70183
Phone: 504/733-6790
______________________________________________________________
Petroleum Helicopters, Inc (NASDAQ: PHEL/PHELK) announced
today that it has entered into an agreement with American
Eurocopter Corporation to acquire certain emergency medical
service (EMS) contracts and related helicopters and other assets
of Rocky Mountain Helicopters, Inc, a Utah based helicopter
operator that has been in Chapter 11 bankruptcy proceedings since
October 1993. American Eurocopter is one of the largest
creditors of Rocky Mountain, and on July 18 filed a plan in the
bankruptcy court providing for the sale of substantially all of
the assets of Rocky Mountain. PHI's agreement is conditioned
upon, among other things, bankruptcy court confirmation of the
American Eurocopter plan.
Rocky Mountain has not executed the Agreement and is not
expected to do so until the American Eurocopter plan has been
approved by the creditors of Rocky Mountain and by the bankruptcy
court. Rocky Mountain also filed its own competing
reorganization plan on July 18 and at this time is expected to
oppose the American Eurocopter Plan.
Pursuant to the Agreement, PHI would acquire up to 25 of
Rocky Mountain's approximately 36 EMS contracts, the related
helicopters and certain other assets that service these
contracts. Management estimates that the EMS contracts would
generate annual revenues to PHI of approximately $27 million.
PHI would be required to reimburse a portion of the purchase
price paid to Rocky Mountain by American Eurocopter from revenues
received from the EMS contracts. PHI would also assume certain
obligations under the EMS contracts and the helicopter leases and
financing instruments.
In addition to approval by the creditors and the bankruptcy
court, the Agreement is also subject to other customary closing
conditions, including certain governmental approvals.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
PETROLEUM HELICOPTERS, INC.
Date: July 19, 1994 By: /s/ John H. Untereker
John H. Untereker
Vice President and
Chief Financial Officer
