Let's be clear about a few things.
1. CD&R don't give a flying crap about CHC. They were getting 8.5% return on there 600 Million LOAN to CHC. so they managed to extract at least 40 mill in interest before they lost there little Gig.
2. The Management of the Company has very little or nothing to do with it's failure, It's primary cause of failure is First Reserve selling all the assets.
Another major cause is Global Platforming (Heli-One)
Once the Books get into Benevolent hands....Like right now and the Real Picture unfolds, then start to watch the eye's start rolling. I reckon even CD & R are going to get there fingers burnt.
CHC say there assets are valued at 3.1 Billion. Given 85% of it was in hock and the 3.1 would be a great exaggeration to start with, then CD & R will be really really lucky to get 500 of there 600 Million investment.
Then there is the 1 Plus Billion in Primary debt.
No-one seems to pay any attention to that $150 Million interest bill every year.
If the world was a fair place First Reserve would be made to pay out all debts from other Company's they own...It ****s me to tears when Investment Company's like First Reserve sell of the Assets to part pay the purchase price of that Asset, which is exactly what they did. No Company should be allowed to get above 50% Leverage...85% like CHC was at in the peak, was simply Fiscal suicide.
Personally I think they won't get the Chapter 11 lifeline, and quite honestly I don't think they should.
I noticed a year and a half ago Avionics parts coming with form 1 documents from Avionics shops ALL over the place. I got the impression back then, they were spreading the Debt far and wide.
Why should greedy Buttheads like First Reserve get a free pass when SO many small business's will struggle as a result of that greed!!
Screw YOU "First Reserve" the whole Board should go to Jail!