I think it is highly likely that this is beginning the end for CHC and First Reserve as family. The only question is who will buy CHC now. First Reserve have stripped it down and sold off many or most of CHC assets. It would take a ballsy company to try and build it back up again to what it once was. It was never the intention of FR to hold CHC for long and this intention was fairly obvious in the beginning. Their history shows their modus operandi very clearly and this is just following form. More interesting times ahead for CHC?