So how’s this gonna work out?

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03-28-2024 | 08:38 AM

#41

BlueJuicer17

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Joined: Jan 2017

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Quote:

Originally Posted by Tranquility

Pilot pay is not the contributing factor to our financial distress. Let me emphasize that point; WE ARE NOT THE PROBLEM! No amount of wage cuts have ever staved off an eventual bankruptcy; full pay till the last day DAMMIT! (Especially at this company.). And, halving gone through a bankruptcy, it is NOT the end of the world. It's not ideal, but the end isn't near either. When we see the 1113 term sheet, we'll collectively **** our pants, negotiate something better, and things will churn....

I agree. If NK goes into CH13, can the judge change the contract/compesation and lower pay/benefits without a union vote?

03-28-2024 | 12:38 PM

#42

buzzer

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Quote:

Originally Posted by BlueJuicer17

I agree. If NK goes into CH13, can the judge change the contract/compesation and lower pay/benefits without a union vote?

YES.
Filler

03-28-2024 | 01:39 PM

#43

hercretired

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Joined: Mar 2021

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Quote:

Originally Posted by BlueJuicer17

I agree. If NK goes into CH13, can the judge change the contract/compesation and lower pay/benefits without a union vote?

It would be Chapter 11. Yes, pretty much all union contracts are vaporized in bankruptcy proceedings.

03-28-2024 | 01:46 PM

#44

fcoolaiddrinker

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Joined: Dec 2012

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Quote:

Originally Posted by hercretired

It would be Chapter 11. Yes, pretty much all union contracts are vaporized in bankruptcy proceedings.

They’re open for renegotiation like all agreements in ch 11. Not vaporized. Point being rates/retirement are the easiest targets. It’s not hard to show the reorganization math on a balance sheet to investors. Work rules normally come out pretty much intact. Making them even more valuable to hold on to in normal sec 6.

Last edited by fcoolaiddrinker; 03-28-2024 at 02:00 PM.

03-28-2024 | 03:31 PM

#45

BlueJuicer17

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Quote:

Originally Posted by hercretired

It would be Chapter 11. Yes, pretty much all union contracts are vaporized in bankruptcy proceedings.

Well that is a bunch of BS. Im sure the C Suite Execs will get a golden parachute and labor takes it in the rear....Hope it does not come to that.

03-29-2024 | 12:28 AM

#46

Noisecanceller

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Joined: Dec 2022

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Quote:

Originally Posted by buzzer

YES.
Filler

No No No No

03-29-2024 | 12:29 AM

#47

Noisecanceller

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Joined: Dec 2022

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Quote:

Originally Posted by hercretired

It would be Chapter 11. Yes, pretty much all union contracts are vaporized in bankruptcy proceedings.

No absolute lie

03-29-2024 | 08:56 AM

#48

Ed Force One

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Joined: Apr 2016

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From: A320 CA

Quote:

Originally Posted by fcoolaiddrinker

Finally! Something industry standard that we can actually achieve!

03-29-2024 | 09:54 AM

#49

TransWorld

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Joined: Aug 2016

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From: Fully Retired

Quote:

Originally Posted by BlueJuicer17

I agree. If NK goes into CH13, can the judge change the contract/compesation and lower pay/benefits without a union vote?

Chapter 11 is voluntary reorganization.

Chapter 7 is go out of business. Divide up all the assets and turn off the lights.

03-29-2024 | 11:43 AM

#50

afterburn81

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Joined: Apr 2007

Posts: 1,412

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From: A320

Quote:

Originally Posted by JulesWinfield

Spirit is a publicly traded company. You can look it up yourself.

Look. I’m well aware of the current financial status of the company. Everyone is. Fact is, a human that works for Spirit airlines, possibly management-type, determines the numbers and how they pertain to the balance sheet. Simply put, the same people that release the information regarding the financial statistics of the company, have said nothing about being unable to pay the bills.

So, why do some take the companies word on the loss, but don’t take their word when they say they have a plan to return to profitability? Believe one story but not the other? Makes no sense.