Originally Posted by
Name User
What happened would be like if you got laid off and that evening went and maxed out your credit card cash withdrawal limit. It doesn't mean squat except Spirit has now maxed out their credit limit.
Exactly. Some on here are so deep into fantasy land.
The bank had to let Spirit take the rest of the revolving credit line. They maxed out their credit card, like you said, this isnt a sign the bank knows something good is coming.
The credit card company gets $50m now and $3m a day to cover their exposure. This is because they believe NK is probably NOT going to get thru this, not the opposite. Spirit is officially in credit card "hold back" territory. This is the fastest way to sink the ship. You think they have liquidity problems now, now they get to hold back $3m a day that the credit card gets to bank each month. $90m a month plus the $50m down payment.
So now the theory from some is the "company is sold" to someone else, and this new owner will now take on the existing billions in debt, a product that is losing money by the minute and now another $270m in debt due in 18 months AND letting $50m and $3m a day walk out the door to process credit cards?! How does this make sense for anyone?