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Originally Posted by beancounter
(Post 3178628)
Lol! All this tells me is that 75% of the pilots on this thread are morons. Not surprising given the average pilot IQ.
Newsroom - American Airlines Names Douglas M. Steenland to its Board of Directors - American Airlines Group, Inc. |
Originally Posted by Finessed
(Post 3178524)
You have to convince a judge to file Chapter 11. with the amount of debt over 42 BILLION, and daily cash burn over 10 million, they have zero shot filing CH11, zero. If we can get a quick recovery it would be smart to file chapter 11 in American Airlines case, but I don’t see a quick recovery. With the democrats running the show for the next 2-4 years, spending will increase, inflation will increase, we’ll take our time with opening the country.
Also experts are projecting the price of oil to increase from $50 to $100 a barrel. Saudi Arabia announced cutback in oil production. The last time that happened was during the Bush administration because SA felt threatened. Now they’re feeling threatened by the Biden administration so they’re playing games again. I loved the job. However, the industry is a wild ride. Overall I have been really blessed. YMMV |
Originally Posted by Finessed
(Post 3178599)
I stand corrected let me rephrase.
You file THEN A judge approves the reorganization plan. The judge STILL HAS TO APPROVE your plan. I believe that only 10% of filings that are brought to a judge and requesting approval for chapter 11 are accepted. Just because I file a lawsuit towards someone, does not necessarily result I’ll win the the case after being presented. If you bring your plan of reorganization for your business to a judge with 42 billion in debt, and 10 million cash burn per day, GOOD LUCK having that approved. The result of not receiving chapter 11 approval by a judge, would result in the dreaded chapter 7. wont fact check you? Trying to make AA pilots feel bad because it makes your day seem less crappy? |
Originally Posted by Excargodog
(Post 3178616)
Wrong. Only 5% of Chap 11 bankruptcies are ever converted to Chapter 7, most often by the debtor themself if he/she thinks there will be more residual capital coming to them through liquidation than through reorganization. Judges approve pretty much any viable reorganization that appears that it will not take money away from secured creditors.
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Originally Posted by Huell
(Post 3178665)
I have been through CH11 with three different majors. I’m guessing you haven’t experienced your first.
I loved the job. However, the industry is a wild ride. Overall I have been really blessed. YMMV |
Originally Posted by Excargodog
(Post 3178616)
Wrong. Only 5% of Chap 11 bankruptcies are ever converted to Chapter 7, most often by the debtor themself if he/she thinks there will be more residual capital coming to them through liquidation than through reorganization. Judges approve pretty much any viable reorganization that appears that it will not take money away from secured creditors.
So let’s take a look at the balance sheet of American Airlines Group. They $64.54 billion in total assets, which is losing value daily. Total debt last quarter was $41.2 Billion. In December they were burning a reported 25-30 million a day. It would be interesting to find out how exactly the debtors would be restructuring. Also I question if American really owns 65 Billion in assets, I bet the debtors during the chapter 11 process would have it valued substantially less. |
Originally Posted by Finessed
(Post 3178795)
So I’m wrong because only 5% of chapter 11 bankruptcies are converted to chapter 7. Yeah listen that’s most likely so low because nobody bothers with chapter 11 when it’s inevitable chapter 7 is the best result for the parties. But that doesn’t make it “wrong”, it makes it “highly unlikely”.
So let’s take a look at the balance sheet of American Airlines Group. They $64.54 billion in total assets, which is losing value daily. Total debt last quarter was $41.2 Billion. In December they were burning a reported 25-30 million a day. It would be interesting to find out how exactly the debtors would be restructuring. Also I question if American really owns 65 Billion in assets, I bet the debtors during the chapter 11 process would have it valued substantially less. |
Originally Posted by EagleVol
(Post 3178800)
We get it, you work at Delta and are hoping for American to fail. I guess, we'll see. Not sure why you feel that you need to come in the AA and envoy forums and tell us over and over that you think AA is going to go into Ch. 7.
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Originally Posted by Finessed
(Post 3178801)
Not hoping for them to fail, but getting tired of the morons living in denial, and would love the conversation pointed towards restructuring plans rather than idiotic “flow” talk.
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Originally Posted by Finessed
(Post 3178801)
Not hoping for them to fail, just trying to dash the hopes and dreams of young regional pilots because their opinions differ from mine. The experts all say no near term threat of bankruptcy at any of the major US airlines, but I personally would love to force everyone to have this conversation.
I think your hat is on too tight and it's restricting blood flow. Not good! |
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