Evaluator,
Whilst many here may share your cynicism, I fear this is more than 'theatre'.
Whilst the allegations against the un-named ex-serving officer now working for CHC (not a huge list of candidates, I grant you,) are serious, the withdrawal of RBS from the consortium is likely to be a huge obstacle to overcome.
Regardless of what plan B turns out to be, the inevitable delay to the programme, and associated costs, is not a good thing. Except maybe for the mil crews who will remain in SAR a bit longer ( that's if they haven't already dug an escape route based on previous transition schedules!)
There are very few winners in this sorry debacle. Another botched DE&S project is not the kind of press needed right now. Here's hoping this 'news' will result in a bit more information from MoD/DfT and a bit less uncertainty for the "UK" SAR Force.
You really couldn't make it up....