Originally Posted by
spooldup
Exactly this. No one in their right mind would give Spirit a 1 year credit line and an amended holdback agreement if there wasnt a sale out there that was already agreed upon which would ensure spirit could pay back Citi and the USB.
Spirit is sold, we dont know who, yet. But the bank basically decided that instead of cutting your head off now they will stab you in your leg and tie a tourniquet? Banks do not agree to drip 3m drops of blood when you owe them 500m.
I believe the revolver was pre existing and so not subject to review, and the 3m is going to the credit cards not to spirit, so there hasn’t been any bank stamp of approvals