Originally Posted by
troyb
Could you elaborate on this please? Last time I checked RJET turned a profit the last couple quarters with a decent margin (for the industry).
The company has been shifting money back and forth amount the business units. We started with a traditional CPA with our own certificate, F9, then we modified it to a pro-rate agreement. Under that agreement profit was shifted to F9 with cost shifted to RAH. We paid down massive amounts of debt, early, took 150M in goodwill impairment charges etc. All have the benefit of suppressing results during negotiations. But they are all indirect indicators. The company said multiple times that they needed to restructure F9 to keep Holdings out of bankruptcy. They also said they needed to restructure Chq to keep us out of bankruptcy (this year). Now they've said about 4 times that if we get a new CBA with vacancies awarded by seniority, and standard work rules, we'll be in bankruptcy in 3 months. That statement was made by Wayne Heller a few weeks ago.
Plus our advising team is "working" the Pinnacle bankruptcy. They are asserting vacancies, training cost and a few other things we're looking for as major contributatory factors in the Pinnacle case.
Finally, just look at our debt and our unrestricted cash. I'd prefer to get you the quotes but I'm really busy right now. None of this should be surprising, and should be public record data someplace.