Originally Posted by
Fly4hire
Yes it does. From one of the press releases:
Don't let the positive spin from LCC perfume this pig - they have to raise cash to stay in compliance with BK covenants, and are dangerously close to losing their CC hold backs.
This is burning the furniture to stay warm, and despite claims of the express operation, giving up the LGA main terminal is selling one of the crown jewels of the LCC system...
Fwiw, the debt covents require a minimum of $850 million. At the end of Q2, LCC had approximately $2.3 billion in cash, of which $600 million was restricted (simple math says LCC exceeds it minimum cash requirement by $850 million, prior to the latest transaction).
EDGAR Pro
Just the facts.
Skipper