Delta worked with GOL to replace loan
09-02-2020 | 10:01 AM
#1
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Line Holder
Joined: Dec 2013
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Delta worked with GOL to replace loan
From memo to employees. So now we have the assets to pay off loans for airlines we don't even partner with but we can't pay contractual furlough pay to our own employees?
Full pay to the last F'n day.
Full pay to the last F'n day.
09-02-2020 | 11:38 AM
#3
Line Holder
Joined: Mar 2008
Posts: 638
Likes: 3
From: A330 FO
It was posted on Deltanet. It said Delta helped them to refinance; not sure what that all entailed though and how much we ponied up.
09-02-2020 | 04:52 PM
#4
Optimized
Joined: Oct 2017
Posts: 447
Likes: 27
Numbers are double top secret code word classified. It was stated we helped guarantee a new loan with more favorable terms and more time. Hopefully we didn’t burn a good favor from a useful finance Company. But we also are not paying full furlough pay while foregoing a very low interest rate $5B loan from Money bag Uncle Sam. Things that make you go hmm. Or rage scream into a pillow.
09-03-2020 | 06:18 AM
#5
Pacifist
Joined: Aug 2011
Posts: 120
Likes: 1
Delta, without disclosing details, was able to decrease their exposure to being on the hook for a $300 mil loan to GOL. They helped GOL negotiate better terms to enable GOL to continue to pay the loan, until air travel rebounds.
09-03-2020 | 06:40 AM
#6
Gets Weekends Off
Joined: Mar 2015
Posts: 13,223
Likes: 670
From: ir.delta.com
It will all come out in mid October (Q3 10-Q) if not before. The Sep. 9 presentation may have some Q&A about it, but then again maybe not. It does seem to be hush hush for now. Perhaps it looks bad for CARES 2 or OCT 1 furloughs and not drawing attention to it so it is forgotten or little known is intentional. Paying foreign carriers' debts while accepting one government bailout and asking for another, all while furloughing Americans who's pay was the focus of the bailout might not be the best brand image.
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