It ain't over until the fat lady sings
and she ain't singing yet...
CHC is taking position against the institutions that have financed them; banks, lessors, bond holders. Making sure that they know they all have a problem if they don't help CHC. Meaning that they have to allow CHC to postpone or even waive (re-)payments on debt, bonds and lease obligations.
So in my humble opinion this is nothing more than negotiating rhetorics. They even gave them a timeline and a view on what can happen if they are not helped.
So CHC will restructure once again. Helicopters will keep on flying and a solution will be found before q1 2017. In short everybody involved will be paying the bill (no pun intended).
To all concerned, best of luck and I truly hope this sh@t will not take too long!