Originally Posted by
notEnuf
Maybe I'm wrong but...
Didn't I read or hear in a townhall that there was no leftover money from the cares act even if this year's payroll was significantly less than last year's payroll because... reasons. That money was used for general business purposes or some such excuse as I recall.
Anyway...
Round 2 says, "
Pursuant to the PSP Extension Agreement, Delta expects to receive $2.9 billion in payroll support payments, which must be used exclusively for the continuation of payment of employee wages, salaries and benefits."
https://www.sec.gov/ix?doc=/Archives.../delta_i8k.htm
The cares act 2 will be used to lower the “net debt”, which they talked about it in yesterday’s townhall.
What I think it meant was “we will use the money that was supposed to pay you guys from our pocket towards the debt”.
In my opinion, even the affected pilots are getting full pay (717 rates though). So, if management thinks they will be profitable by summer, it’s a good move. iMO