It's unfortunate but are we supposed to do? It's wild how many 10-15 Yr CA's are on their way out and will be thousands of #s junior to NK Pilots who left right after COVID. It's actually really sad what happened to this place. It's been one heck of a run....

 

100% Chimp! . It’s been a good 12 years. Hate to see it end, but it’s time to move on.

 

It’s when having seniority hurts. What a crappy deal this industry can serve up! Sucks for sure!!

 

If you're young enough you might even get to do it again but at some point you get too old to keep running. Good luck in your future endeavors, you guys will be missed!

 

I'm not planning to leave at this point, and it's mostly because nearly every time I've made a move in this industry I would have been better off had I just stayed put.

 

lol, same with me. I could have ended up at DELTA a longgggggg time ago or UAL if I stayed at XJT. Oh well, can't play that game. It does make me wonder though because thats what all the old time guys used ot say "Just stick it out". What really concerns me is our complete lack of fragmentation language. Someone on a chat kinda summed up our situaton perfectly, we basically have two choices, "The certainty of misery, or the misery of uncertainty". Legacy airlines are incredible places to work but for the senior guys/gals here it will initially be a massive QOL and Pay hit. The completele lack of information here has been brutal. The only real info we have had is that we are raising bag weight limits, getting rid of cancel/change fees and we "aren't considering Chapter 11 Bankruptcy "AT THS TIME". We also are furloughing a few hundred of our brothers and sisters, not to mention downgrades and MASSIVE displacements. ALL at a time when other airlines are making record profits.

 

Reminds me of ATA!

 

There is no incentive for the lender to do a refinance. The lender has investors who are expecting that money and they have a fiduciary obligation to their clients over Spirit. Any refinance they did would be ridicoulously costly and just stave off BK for a short period of time.

Spirit can't raise money in the capital markets and they can't raise through a share offering. NK is in a tough position unfortunately.

Also the CEO has to say they aren't considering BK because if they said they did the number of people booking away or canceling would end the airline.

 

actually sometime between now and August, Spirit is going to announce they made an agreement to restructure their debt over the next 5 years!

I know you or anyone else won’t believe me because I’m a convicted troll but Spirit is on a rebound.

 

This is called "debt spiral". Its a sign of being increasingly overleveraged. It means even more of future revenue needs to go toward repaying debt. This is a bad sign for a company in an environment where the Big 4 (mainly United and Delta) are massively retiring long-term debt. NK has no levers to pull to increase revenue. They are being crushed by lack of aircraft utilization and "basic economy" that the other airlines have implemented in the fall off of business travelers. The worse thing that happened for Spirit and other LCCs are that Legacy airlines decided to go after leisure travelers and added a bunch of capacity using their massive cash flow instead of financing new planes.

When your beheamoth competitors can buy planes with cash and you are forced to borrow to get planes, you have debt payments your competitors don't have so there is no way to beat them. Especially when you are at a revenue disadvantage without premium revenue seats. Even Southwest is considering adding premium seating to their planes.