GE buying CHC for a notional $1 and getting their debt refinanced at a rate available to GE (and not currently to CHC) would at a stoke solve almost every single one of CHC's problems. bringing down the cost of capital to repay the debt from 9% ish to about 4-5% which is available to GE would make CHC significantly more competitive on financials. Think of the effect that Babcock as a FTSE 100 company have had on Avincis.
The sad thing about this all is that it it really no one currently at the company's fault.
That said, lets be clear Buzz, you are quoting last year's numbers (FY13-14) which were horrible. FY14-15 results are out 28 June. I don't expect CHC to be making loads of money (or any at all if I'm honest) but I do hope (expect?) them to be better as CD&R have paid down a few of the worst % debt notes and as MGD has alluded to, wheels are turning to fix the 'Lenovo debacle'.