Michaa sounds like management!:
CHC staff have had briefings today and from what I am told, the staff have been reassured that this is a positive move for the company. My information comes from a CHC employee that was present at the town hall meeting this evening.
Points to note :
CHC Scotia are not under Chapter 11, they are owned by a Dutch consortium and are a profitable company in their own right with their own positive cash flow. Should CHC group fail to leave chapter 11 and enter chapter 7 bankruptcy, then CHC Scotia are structured in a way that offers them full protection. The bankruptcy cannot asset strip CHC Scotia. CHC Scotia would continue as a business.
CHC have tried to negotiate with lessors on debts and leased airframes and these negotiations have proved unsuccessful. As a result, CHC have taken the choice to enter chapter 11 which offers them full protection from the courts to hand back idle aircraft without penalty or cost. They are to be handed back in their current state as soon as possible, with 240 or so aircraft, upto 100 of these will be returned.
CHC group expects to come out of Ch 11 within 6 months much stronger than they entered.
Staff and day to day running is unaffected, salaries and benefits to be paid as normal.
CHC plan to re-model their business model based on a favourable owned vs lease count. They are going to buy a number of leased aircraft at negotiated rates.
All in all, staff were left satisfied with the briefings and the answers given. It's a positive for the company, not a negative. The company will be a smaller leaner more profitable company in the future, that I have no doubts.
All the best to those that I know working in CHC and all the best to the company going forward. CHC birds will continue to fly the skies of Europe at least.
Source:
http://www.pprune.org/rotorheads/556...ml#post9367179