Bristow and PHI are two very different companies....in many aspects that are quite important.
PHI primarily operates in the Gulf of Mexico while Bristow primarily operates outside the Gulf of Mexico.
Bristow is primarily a "large helicopter" operator and PHI operates a more mixed fleet with a majority of them being smaller aircraft.
Bristow is generally a two Crew operation vice PHI's single pilot crew due to the numbers of small aircraft.
PHI must be a much simpler operation to control as compared to Bristow.
As to leasing.....when you own the Leasing Company you obtain your leased aircraft from.....you still own the aircraft and the aircraft costs.
The 225 situation is not what did in Bristow.....but it certainly played a role in creating financial losses.
Not controlling costs is what did in the Company....and not having a contingency plan for a market downturn that would sustain the company during that down turn.
This not foreseeing a 30 Dollar Barrel thing.....there have been downturns in the oil business quiet often.
Forgetting that happens is the major failure.