Originally Posted by
Asiabound
I left WGA a few months back, when hired they had 100/day per diem as training pay til after the checkride. Then a few years later they implemented full pay day 1 due to lack of interest from applicants (2021ish), not sure where it's at now.
That said, tread carefully, it looks like they are talking with a BK restructuring advisor and are considering selling engines for liquidity. Feels eerily similar to Evergreen.
Just saw now the bonds were downgraded in February.
https://news.bloomberglaw.com/bankru...id-cash-crunch
https://www.fitchratings.com/researc...tch-28-02-2023
Next ESOP statement coming any day now...
It’s a little more concerning than that even.
In May Fitch downgraded WGA further:
The CC/RR5 rating definition is for extremely low junk bond rating with
Recovery Ratings
RR5Below Average Recovery Prospects Given Default
'RR5' rated securities have characteristics consistent with securities historically recovering 11%-30% of current principal and related interest.
https://www.fitchratings.com/researc...rr5-02-05-2023
More recently Fitch has stopped rating WGA at all since WGA won’t provide them with the information needed for a valid rating:
Additional information is available on
www.fitchratings.comPARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure: Western Global Airlines, Inc.
https://www.fitchratings.com/researc...ngs-22-06-2023
S&P has done likewise:
Don’t want to urinate in anyone’s cheerios but if you haven’t already hitched your career to WGA you might want to strongly consider alternatives.