Morgan Stanley Conference
09-11-2020, 05:05 AM
#1
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Morgan Stanley Conference
Another virtual conference 4:30 p.m. ET on Thursday, September 17, 2020. That's the only business travel indicator I need. Probably the same information as Cowen but you never know. Sometimes they drop a nugget.
https://news.delta.com/delta-present...una-conference
https://news.delta.com/delta-present...una-conference
09-11-2020, 02:17 PM
#3
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Originally Posted by Cfiimebob
Yep, we need those conferences back. At least there was partial capacity for the first NFL game of the year in Kansas City.
09-14-2020, 04:36 AM
#4
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Delta finally monetizes Sky Miles. This will be a topic for the conference. Analysts have been saying Delta should spin it off for years. They retain control as a subsidiary but borrowed against future earnings and the value of the program. With this move I would guess there is no interest in the CARES act government loan which must be requested by September 30.
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
09-14-2020, 06:00 AM
#5
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Originally Posted by notEnuf
Delta finally monetizes Sky Miles. This will be a topic for the conference. Analysts have been saying Delta should spin it off for years. They retain control as a subsidiary but borrowed against future earnings and the value of the program. With this move I would guess there is no interest in the CARES act government loan which must be requested by September 30.
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
https://news.delta.com/delta-air-lin...lity-delta-and
https://www.sec.gov/Archives/edgar/d...7099dex991.htm
They are not taking the CARES loan from today’s 8-K filing:
“As previously disclosed, in April 2020, Delta entered into an agreement with the U.S. Department of the Treasury to receive $5.4 billion in emergency relief through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) payroll support program, which was paid in installments through July 2020.
The CARES Act also provides for up to $25 billion in secured loans to the airline industry. While Delta is eligible and entered into a non-binding letter of intent to the U.S. Department of the Treasury for $4.6 billion under the loan program, Delta has indicated it does not intend to participate in this program.”
09-14-2020, 07:49 AM
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Originally Posted by crazyjaydawg
They are not taking the CARES loan from today’s 8-K filing:
“As previously disclosed, in April 2020, Delta entered into an agreement with the U.S. Department of the Treasury to receive $5.4 billion in emergency relief through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) payroll support program, which was paid in installments through July 2020.
The CARES Act also provides for up to $25 billion in secured loans to the airline industry. While Delta is eligible and entered into a non-binding letter of intent to the U.S. Department of the Treasury for $4.6 billion under the loan program, Delta has indicated it does not intend to participate in this program.”
“As previously disclosed, in April 2020, Delta entered into an agreement with the U.S. Department of the Treasury to receive $5.4 billion in emergency relief through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) payroll support program, which was paid in installments through July 2020.
The CARES Act also provides for up to $25 billion in secured loans to the airline industry. While Delta is eligible and entered into a non-binding letter of intent to the U.S. Department of the Treasury for $4.6 billion under the loan program, Delta has indicated it does not intend to participate in this program.”
09-14-2020, 07:54 AM
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Maybe they found this disagreeable.
The terms of the loans will:
The terms of the loans will:
- Prohibit corporate stock buybacks for the duration of the loans plus one year.
- Prohibit dividend payments to shareholders for the duration of the loans plus one year. The Treasury Secretary may waive this provision under certain circumstances.
- Place limits on management compensation for the duration of the loans plus one year.
09-14-2020, 07:58 AM
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Originally Posted by AAL24
Maybe they found this disagreeable.
The terms of the loans will:
The terms of the loans will:
- Prohibit corporate stock buybacks for the duration of the loans plus one year.
- Prohibit dividend payments to shareholders for the duration of the loans plus one year. The Treasury Secretary may waive this provision under certain circumstances.
- Place limits on management compensation for the duration of the loans plus one year.
09-14-2020, 09:37 AM
#9
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Originally Posted by PapaMike
Sounds like it might be a tough sell for the airlines to say they need money from CARES 2 if they start turning down billions in aid from the first one.
Filler.
09-14-2020, 10:01 AM
#10
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Originally Posted by AAL24
Maybe they found this disagreeable.
The terms of the loans will:
The terms of the loans will:
- Prohibit corporate stock buybacks for the duration of the loans plus one year.
- Prohibit dividend payments to shareholders for the duration of the loans plus one year. The Treasury Secretary may waive this provision under certain circumstances.
- Place limits on management compensation for the duration of the loans plus one year.
Anyway, these seem like highly reasonable terms.
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