Spirit Airlines Ch.11
08-04-2024 | 10:12 AM
#221
Line Holder
Joined: Jun 2006
Posts: 1,600
Likes: 33
There will be a lot of educating needed for when we DO file chapter 11 and how the process works with CBAs.
When they do file CH11, and they will…
Pilot will need to educate themselves on US Code section 1113, rejection of collective bargaining agreements. Bottom line is the bankruptcy judge has the ability to “reject a collective bargaining agreement” if they find that ALPA has not accepted a concession agreement without good cause and the numbers show the company needs these concessions to survive financially (simple terms).
So there is a reason every Chapter 11 bankruptcy comes with a concessionary CBA, because the threat of having the CBA tossed out in court is a real risk.
So the chest thumpers make me laugh, concessions will happen once they file, as it always has before.
When they do file CH11, and they will…
Pilot will need to educate themselves on US Code section 1113, rejection of collective bargaining agreements. Bottom line is the bankruptcy judge has the ability to “reject a collective bargaining agreement” if they find that ALPA has not accepted a concession agreement without good cause and the numbers show the company needs these concessions to survive financially (simple terms).
So there is a reason every Chapter 11 bankruptcy comes with a concessionary CBA, because the threat of having the CBA tossed out in court is a real risk.
So the chest thumpers make me laugh, concessions will happen once they file, as it always has before.
Yup, take what you can get, better than what the judge will give and start applying... or stay. Hiring will start again, retirements are still going to happen, Boeing and Airbus will eventually figure things out.
08-04-2024 | 04:34 PM
#222
Line Holder
Joined: Sep 2014
Posts: 691
Likes: 37
There will be a lot of educating needed for when we DO file chapter 11 and how the process works with CBAs.
When they do file CH11, and they will…
Pilot will need to educate themselves on US Code section 1113, rejection of collective bargaining agreements. Bottom line is the bankruptcy judge has the ability to “reject a collective bargaining agreement” if they find that ALPA has not accepted a concession agreement without good cause and the numbers show the company needs these concessions to survive financially (simple terms).
So there is a reason every Chapter 11 bankruptcy comes with a concessionary CBA, because the threat of having the CBA tossed out in court is a real risk.
So the chest thumpers make me laugh, concessions will happen once they file, as it always has before.
When they do file CH11, and they will…
Pilot will need to educate themselves on US Code section 1113, rejection of collective bargaining agreements. Bottom line is the bankruptcy judge has the ability to “reject a collective bargaining agreement” if they find that ALPA has not accepted a concession agreement without good cause and the numbers show the company needs these concessions to survive financially (simple terms).
So there is a reason every Chapter 11 bankruptcy comes with a concessionary CBA, because the threat of having the CBA tossed out in court is a real risk.
So the chest thumpers make me laugh, concessions will happen once they file, as it always has before.
08-04-2024 | 06:55 PM
#225
Banned
Joined: Jul 2023
Posts: 633
Likes: 32
You want the buyer to be comfortable while they do their due diligence. We be a high end foreclosure, not quite the ghetto auction with black mold.
08-04-2024 | 07:13 PM
#226
That/It/Thang
Joined: Aug 2020
Posts: 3,500
Likes: 362
They should hook jetbridge air up to the new HQ and see how that works for Teddy and the gang. Bendo would have boob sweat on those sweet Spirit polos
08-04-2024 | 08:54 PM
#228
Gets Weekends Off
Joined: Nov 2012
Posts: 3,760
Likes: 106
From: 1900D CA
But they asked for a small stake in the company in exchange for those concessions. 4% of the business if I remember correctly.
08-05-2024 | 02:28 AM
#229
Line Holder
Joined: Nov 2015
Posts: 1,877
Likes: 199
When Frontier went chapter 11 the pilot took about a 20% pay cut, gave up a little sick/vacation time and a maybe a small decrease in 401k contributions.
But they asked for a small stake in the company in exchange for those concessions. 4% of the business if I remember correctly.
But they asked for a small stake in the company in exchange for those concessions. 4% of the business if I remember correctly.
Last edited by Chimpy; 08-05-2024 at 02:39 AM.
08-05-2024 | 03:50 AM
#230
Line Holder
Joined: Jan 2022
Posts: 248
Likes: 0
It looks like your 12 year CA rates are $312? That is currently middle of the pack W/B FO rates will be in just a few months. With international pay ($5-$6 per hour on top of the normal rates) mid pack WB FOs make more than $312 per hour. 9 year 777 FOs at AA will make $212 when flying internationally in 2025.
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