The previous buyout never happened because the company was not SOX compliant mainly. As a NYSE listed company the Sarbanes-Oxley investigation into Enron and the others that imploded made certain things compulsory and CHC at the time was only starting to set it all up.
They have subsequently gained their SOX compliance and that makes them a very attractive target, especially seeing as getting the compliance cost over $20 mil that the new buyers don't need to fork out.
I believe that CHC will be sold at sme point in the future either in-toto or piecemeal, which will be sad in many ways, but seeing as flying these days is all about the bottom line and not about the people, it really does not matter who you work for anymore, rather what you are getting out for that work.
www.sarbanes-oxley.com