There really doesnt appear to be too many options left on the table for CHC. Maybe only one. Looking at the financials from the last 2 years shows a series of investors giving a cash float in the hope it will keep CHC going long enough for measures to take effect and turn a profit. Some very approximate maths can easily show (with a limited accuracy) as to how long this float would last. The fact remains that since investments from CDR and others CHC has continued to have a considerably higher running cost than profit (negative cashflow). They have made significant attempts to stem this, through restructuring and reducing the workforce by approx 12 % (significantly more in some parts of the world). Contracts have continued to dwindle and profit vs cost ratio deteriorate. The main financial handicap further is the long term lease agreements and so far inability to re-negotiate this, as well as maintenance agreements. Unless these are scrapped CHC will simply not be able to pay. They are now on the absolute last line of credit and under the present situation it is hard to imagine any more forthcoming or any way this is going to do more than buy time for re-negotiation. If leasing agreements, collective agreements and the heli-one agreements are not overhauled the credit will soon disappear. When that is gone it is fairly simple. No cash, no credit = no payment of creditors, agreements, lessors, employees. This is a bankrupt situation, however not necessarily the end. My knowledge of US bankruptcy regulations is not enough to understand the likely implications of this. I can imagine however that all present agreements are void and there is a clause for legal re-negotiation and restructure. The CHC financial statements publicly available in the last 12 months appear to be quite transparent and whilst not showing all the fine detail, show enough to work out the cost structure and credit structure. The only question that was slightly unclear was exactly when the credit would run out and I think it looks like that has just been answered with a window of the the next 3-6 months. Longer than I initially expected.