BRS now have the same problem CHC had, too many idle aircraft. BRS financed theirs rather than leasedwhich means their corporate debt is lagely unsecured (with exceptions) and structured differently from CHC. These results continue to not be good.

If, as you say, Bristows financed their aircraft, then at least they can sell the equity in the asset. That is something I believe CHC could not do, hence rushing for the shelter of Chapter 11 protection.

Many of those aircraft will have been financed pre-2014 at a premium. Demand is now oversupplied and capital values have dropped. You're correct that they could release some equity, but that's addressing a symptom, not the disease.

The cash burn is far too high, and unless they can reduce operating costs, releasing equity will just give them a short lived period of breathing room before they burn through the equity and run out of options.

At least they are branching out...

Here's one of their 76s flying for Blade in New York, seen here loading pax in East Hampton.

https://s28.postimg.org/uyklaiqz1/Ph...1_20_40_PM.jpg

After 7 years with the company, it is a bit strange to see a Bristow 76 flying "high paying" passengers in NYC.