According to Daphne at ctc, CTC is a mixture of the initials of the people who started the FTO.
It's a shame you have decided to stay in engineering, I'm currently on cp123 in nursing and will fly out to NZ in March. the ground school has been excellent so far and although as mentioned one of my favourite teachers has recently left, and another is on his way shortly the replacements have been getting prepared for a number of months now.
The easy jet and Virgin MPL students are planned to go out to Arizona, with the exception of cp123, due to ctc having been let down by diamond aircraft the MPL students are also coming to New Zealand with us.
Nothing in this world is guaranteed but ctc, in my opinion, and others in the industry I had spoken to, will be the best chance at getting placed within the airline within 2 years of starting..
Good luck with your current position and I hope you don't come to regret not giving it a shot.