PNCL Files Chapter 11
04-01-2012 | 08:53 PM
#52
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From: CL-65 captain
I'd say I can't wait for December 31st to come and go so that Shy can eat his words, but I'm sure he'll pull a move like that Pastor Harold Camping that predicted the world would end on May 21, 2011, only when it didn't he said that his "calculations" were off and gave a new date that didn't pan out. So what's your excuse gonna be when December 31st passes and we're still chugging along, huh? We're all DYING to hear it!
No, that's another thread, you quoted the wrong thread. The thread you quoted was the one posted on Jan 31, 2012. It's scary that the rumors flying around back then have now come to be 100% true. Since there's nothing new to add that I didn't already post in December and January, I'm going to bow out of this thread. There's no point reposting things that were already posted once.
pretty sure you meant bankruptcy by Dec 31 according to the title...
04-01-2012 | 08:56 PM
#53
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From: Taco Rocket Operator
Still gonna be ****** sandwich though. Best of luck to everybody.....
04-01-2012 | 08:59 PM
#54
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From: Taco Rocket Operator
I could see SKW making a play for Horizon, then United getting it's Q400 feed from Horizon. The other option would be RAH.
RAH: Not doing to good (might have a larger pilot pool now from Eagle & Pinnacle)
SKW: Not Making money right now and looks like it will have the most expensive labor moving forward
Eagle: Will get spanked by AMR (Future up in the air, or grounded depends how you look at it)
Pinnacle: Just filled
Are we really going to see SKW and RAH control the regional market moving forward, ladies and gentlemen we are in for an epic summer and not in a good way... I was about to take a break from Eaglelounge and APC. Now I can't
RAH: Not doing to good (might have a larger pilot pool now from Eagle & Pinnacle)
SKW: Not Making money right now and looks like it will have the most expensive labor moving forward
Eagle: Will get spanked by AMR (Future up in the air, or grounded depends how you look at it)
Pinnacle: Just filled
Are we really going to see SKW and RAH control the regional market moving forward, ladies and gentlemen we are in for an epic summer and not in a good way... I was about to take a break from Eaglelounge and APC. Now I can't
04-01-2012 | 09:03 PM
#55
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My original estimate was based on losing Qs and Saabs. With the 900s I'd estimate 400-450. Two things to keep in mind. During a scheduling recurrent with planning last November, they said the utilization on the DL side had been pulled down for 2012 to help with the training bubble. Colgan was staffing 3 per seat and Pinnacle 4 per seat under the old contracts. With the new contract more reserves are needed due to the new junior manning policies so the staffing numbers will have to be increased to 5 or maybe 6 per seat per aircraft which should mitigate the furloughs. Pinnacle was way, way understaffed before and is understaffed at present for the aircraft on property.
Still gonna be ****** sandwich though. Best of luck to everybody.....
Still gonna be ****** sandwich though. Best of luck to everybody.....
04-01-2012 | 09:12 PM
#56
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From: A320 Cap
Sorry to hear that guys and gals. Been there, done that. Keep your heads up and be proud you didn't give in to the management requests to fund the executives pay raises with your cash. Stay strong and take care of each other. Ch 11 really stinks, but there is life on the other side
04-01-2012 | 09:34 PM
#59
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From: Taco Rocket Operator
Interesting information from the fact sheet:
19. Did the Company try to get a DIP loan from anybody else?
The Company and its advisers reached out to nearly 20 different parties seeking a DIP loan.
After numerous discussions with DIP lenders, it became clear that due to the Company’s lack of collateral, the ability to obtain a loan from a traditional DIP lender was impossible. They simply weren’t willing to take the risk of loaning money to a company in Chapter 11 with little to no collateral to back the loan.
So apparently we tried to get traditional DIP financing but were denied because we had no collateral (assets). Looks like the only thing that saved us from liquidation was Delta's desire to keep Pinnacle around to compete with other regionals........
19. Did the Company try to get a DIP loan from anybody else?
The Company and its advisers reached out to nearly 20 different parties seeking a DIP loan.
After numerous discussions with DIP lenders, it became clear that due to the Company’s lack of collateral, the ability to obtain a loan from a traditional DIP lender was impossible. They simply weren’t willing to take the risk of loaning money to a company in Chapter 11 with little to no collateral to back the loan.
So apparently we tried to get traditional DIP financing but were denied because we had no collateral (assets). Looks like the only thing that saved us from liquidation was Delta's desire to keep Pinnacle around to compete with other regionals........
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