Originally Posted by
doz4dllrs
Do you mean 3 million per day?
Effective on August 15, 2025 and August 20, 2025, Spirit and USB entered into two amendments (the "Amendments") to the Card Processing Agreement. On August 15, 2025, Spirit agreed to make an additional transfer of $50 million in cash to a pledged account in favor of USB. On August 20, 2025, Spirit agreed to allow USB (i) to holdback up to $3 million per day until USB's exposure is fully collateralized and (ii) to remain fully collateralized as USB's exposure increases or decreases. In exchange, USB agreed i) to extend the term of the Card Processing Agreement from the current December 31, 2025 expiry date to December 31, 2027, with two automatic one-year extensions unless either party provides a notice of non-renewal not less than 90 days prior to the end of the then-effective term, and (ii) to remove the existing minimum liquidity trigger for holdbacks under the Card Processing Agreement.
I think he mistyped.
Spirits ATL will be covered in 120 days. I'm sure that about when this will go back in to some form of bankruptcy again. They are effectively running on the $275 Millon draw down. Which based on the last Q, is 3 months of operation. It's amazing to me that anyone thinks that this is good news.