PHI has filed for Chapter 11 bankruptcy protection after they can't make a $500 million dollar payment to creditors.

The move was anticipated by industry insiders, and the company said today that they do plan to operate normally while the bankruptcy filing goes through the court system.

AINonline reports that this is the third major helicopter company to file from protection.

The company is working on reorganization, and they hope to have their plan in place by later this year.

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