Ah, at last. A well thought out and accurate post. Thank you Rotor Rooter for laying things down clearly and accurately.
The comments on this forum were driving me to distraction with delusional opinions that for some reason CHC was too big to go under, or that somehow a white knight was going to come in and save a company with very few assets, poor contracts, huge debts and a business model that keeps losing money.
Unfortunately, poor management, a business strategy that prioritised market share and revenue, spread itself too thin and lost money - Survived through a boom time in the industry but when the market turns, had no fat left to survive on.
I was going to mention Barings (not that big, but very high profile) and Enron, but Kodak is the perfect example. Xerox, Hoover, Kodak - All names that became the generic title for their industry, and now exist pretty much by name alone.
Arrogance and a lack of understanding that any company can fail, is the kind of mentality that pushed many successfully companies to the brink.