Originally Posted by
rotor-rooter
Chapter 11 does allow for Labour and other contracts to be completely renegotiated, in the interests of maintaining the continued business operations and activities of the organization. In this instance, employees would probably choose to be employed with reduced pay and benefits, rather than be thrown out of work, in the middle of a massive downturn in the industry.
This may not go as simply as you imply. Many of CHC's US-based employees have already taken a severe 'haircut' on the USD/CAD exchange rate. Many of them might rather drive a cab, or work for McD, as it could be more lucrative.
