Filing for Chapter 11 protection is a great way of spreading the pain. Those owed money by CHC will now only see a few cents in the dollar reimbursement. Therefore the OEM's, aircraft lessors and others owed money will take a big hit which inevitably they will make up for by increasing prices - passing the pain onto Bristow, Babcock etc.
But if all eventually works out for CHC it could ultimately be worthwhile for the industry - assuming the oil price recovers some time soon.