I am not totally sure CHC could even apply for Chapter 11 , even so does not mean the end of the world or business. Lots of companies go into Chapter 11 for protection while they restructure the business.
Chrysler , United airlines , Delta have all been there and came out , ( not that CHC is in the same league but only examples ) .
Reading today in 2015 40 USA oil and gas companies filed for Chapter 11.
Sometimes is the only way to keep the wolves away and the company going to get through this downturn we are in.