It's a smart if inevitable move on CHC's part. The greedy lessors won't negotiate. Current lease prices on new aircraft are lower than prices CHC, Bristow and Babcock are paying for older aircraft.
Pilot and Engineer Union agreements may also have to be re negotiated to reduce operating costs. Within 6-12 months, CHC will make Bristow and Babcock look like legacy carriers. I wonder how long it will be before they wish they could also have a clean slate?