No not cooking the books but they are not required to disclose how they spend the money, If they pay off investors faster or planes. That can be shown as a loss. The airlines show this as a write off when they show the public it can take away from profit to help on taxes. Once again not publicly traded so they don't have to show were all the money is spent. One other thing they are not required to tell us anything at all until they IPO.

If they are paying off the investors or planes its a win for the airline lowers cost when they go public.

But then again they could just be completely loosing money and be living on borrowed time.