I still think the problems are capacity driven, leasing companies in the 2005-2012 period made it easy and attractive to lease new aircraft on a no money down fly away basis. While the leases were upfront cheap to get into, like all leases they were for 10 years with no mid term variation. No one foresaw the oil price falling to $30 in the middle of the lease terms. All of a sudden, the leases looked expensive. Falling contract prices with high costs lease price meant losses for the operators.
There would have been huge spare capacity regardless of the 225 issue. Same with rigs and vessels. Arguably, the 225 issue helped by taking immediate capacity out of the still slightly flooded market. There are still 30 unemployed S-92s available today looking for work.
There is a big difference between PHI and BRS. PHI owns most of its aircraft, BRS no longer does. PHI has not sold and leased back aircraft to generate cash, which in the BRS case seems to be to burn it in operating losses. Mr. Gonsoulin is a shrewd operator and he doesn't talk PHI's business openly. You would have to be in the inner sanctum of the inner sanctum to know the plan.