Originally Posted by SmitteyB

It is absolutely a business model and conscious business decision to structure your balance sheet like that, no doubt. I’m not arguing that.

Your original comment was that at least F9 wasn’t borrowing against assets.

But it is exactly what they are doing by sale leasebacks. That’s how they are generating cash. And B6 could do the same, but it’s a decision to “kick the can down the road” so-to-speak. The cost of equipment on leased airplanes can be at much as 2x the cost of having the asset on the books.

I don’t begrudge F9 at all for including the credit facility, I was just pointing out that the revolver isn’t necessarily cash on hand as it look on the balance sheet.

Both of our companies are in interesting times, nonetheless.