CHC Helicopters Canada is (CYYT Operation) officially 'toast'. Half the pilots have been told they are done mid month in May. The rest the end of May. Some of their senior guys who saw this coming have already bolted, or announced their intention do so before the last day of ops.
Meanwhile in the antipodes on the other side of the world, relations between CHC and TAS (CHC's major Asian partner) are less than convivial. The plans for the upcoming divorce are now well known, and TAS will walk on its own without any participation from CHC. TAS gets the house and the new cars, CHC gets custody of the children (CHC staff), the old cars, and a small lump-sum alimony. It is presumed that the children will be let go in stages as TAS evolves to complete self sufficiency. From the TAS point of view, CHC's Humming Bird has been the "Albatross around their neck" from the The Rime of the Ancient Mariner.
As with both of my own divorces, there appears to be little love lost in the upcoming disassociation.
Some things on the go from the various head sheds of late are not unlike self immolation. If one did not know better, it is almost as if there is now an intent to engineer a collapse in order to rebuild it from the ashes. Is the new logo for CHC going to be a Phoenix, or is it just going to be a Dead Duck? Maybe CHC will stagger on for a few months on the cash infusion from TAS's buyout of the CHC shares. Kind of like burning blankets to stay warm on a cold night. Works today, but what about tomorrow?
I believe they have a term in Newfoundland that might fit this situation "The arse is out of 'er b'ys!" If there is a recovery from the vortex ring state the Red Humming Bird has maneuvered itself into, it will be a long way off with more severe pain along the way. More than likely, a very hard landing, followed immediately by a dynamic rollover.
Meanwhile, the SLT will retain their golden parachutes.
