Very interesting link there, nowherespecial. I really can't comment on the specifics, without further research. Whilst the fundamentals that have driven these businesses into this situation are very different, and to be quite clear, they're at very different stages of the cycle, the risks are almost identical.
This is precisely the type of situation I noted earlier, where Operators may be forced into Chapter 11 bankruptcy, simply to escape from leasing covenants and cross defaults. With the scale of the number of surplus leased aircraft across all operators, the potential for this is very real: every operator may be at risk of being bankrupted solely by their lease and other financial/credit commitments. The next stage is that the Lessors are going to suffer huge exposure from this and may end up in the exact same situation, Chapter 11 protection.
With the 225 issue still unresolved and the continuing depressed state of the O&G business, if a recovery doesn't start moving by Q4, there is a real potential for a meltdown in the entire offshore helicopter business and associated leasing, manufacturing and MRO sectors.