The big question remains whether or not they will look to sell, or if Bristow would like to try and retain AirNorth (and Eastern for that matter) when/if they go through the Chapter 11 process?

The airline doesn’t seem a natural fit for any of the incumbents, save MAYBE for Alliance, but even then not really... Maybe the most likely option would be Private Capital or another adjacent operator (like Bristow were).

Bristow files for CH11

Bristow Group Inc. - Home

It’s business as usual for the whole of Bristow at this stage... Chapter 11 “Bankruptcy” Protection in the US is much like ‘Administration’ for a company in Aus, with one Main difference being that the standing management retain control, not an external advisor. It basically just stops financiers from being able to pull the ripcord and they can threaten liquidation as the alternative to force renegotiated loans/equity swaps etc. (which is the bit shareholders don’t want as it can seriously weaken their existing holdings by the banks taking a massive chunk of new shares in exchange for wiping the debt. In some historic cases it’s rendered existing stockholders’ stake from 100% to effectively less than 1%) Who knows what deal they will strike but those bankers can ask for assets or other things to be divested as part of the deal, which may force their hand and see the fixed-wings sold off, I highly doubt they would let them collapse.