Spirit to significantly shrink in restruct..
 

“significantly shrinks in a restructuring”

Is what TD Cowen says. Their analyst have been right all along for the past couple of years.

we are going to sell more aircraft and cancel our lease on existing ones.


kind of sounds like at this point we could just become like a 1500 pilot airline. But hey, this is good for the consumer though!


https://finance.yahoo.com/news/spiri...210338407.html

WSJ was leaked the 12b news ahead of time. Only a few folks have access to info like that.

It was chosen to leak the information early. Get the shareholders the scare of being wiped out.

Then state it in their official release. Now whatever alternate offer is received looks great compared to a fat goose egg! And shareholders approve it quickly and sale happens while administrations changes. Nobody from Biden admin will challenge it and would be too late for Trumps team to stop it. Spirit has most of all systems ready based on the almost sale to jet blue.

[QUOTE=Halon1211;3852489]“significantly shrinks in a restructuring”

Is what TD Cowen says. Their analyst have been right all along for the past couple of years.

we are going to sell more aircraft and cancel our lease on existing ones.


kind of sounds like at this point we could just become like a 1500 pilot airline. But hey, this is good for the consumer though!


https://finance.yahoo.com/news/spiri...210338407.html

Something else is going on in the background. They release wording that alerts shareholders that they will be wiped out. Soon the sub book value offer is presented and shareholders accept it vs th alternative of zero.WSJ was leaked the 12b news ahead of time. Only a few folks have access to info like that.

It was chosen to leak the information early. Get the shareholders the scare of being wiped out.

Then state it in their official release. Now whatever alternate offer is received looks great compared to a fat goose egg! And shareholders approve it quickly and sale happens while administrations changes. Nobody from Biden admin will challenge it and would be too late for Trumps team to stop it. Spirit has most of all systems ready based on the almost sale to jet blue.

It’s only speculation at this point, But we don’t know we could shrink to 500 pilots, we could close more bases. Or maybe just shut shop. No one here is safe at the moment weather we are number 1 or 3000

chapter 11 may be the best chance we have

Makes sense, these current furloughs are still the beginning. Betting our older planes will be sold next year for more liquidity and management will continue to burn the furniture to keep the lights on until there’s nothing left.

Strap in kids.

Spirit shareholders are already wiped out. Stock price is $1.13 today down over 97% from highs. Most lont term investors have already sold and are gone. What's left is noise trading or people that forgot they have $SAVE in some random stock account. Also why do you need to "scare" them? There are no merger offers on the table for them to agree to. Its not like the shareholders are holding anything up.

I doubt management is pretending to file BK and selling everything just to get shareholders to agree to some deal that doesn't even exist. The existing debt is the holdup for an acquisition. Nobody wants to deal with it. Its a massive headwind and even without the debt the airline probably still won't be profitable. Current losses are far more than the debt payments alone.

Exactly. They already hinted that they will shrink into a smaller airline. Which would happen anyway under an acquistion. I still believe their is a business here with the right partner. Scale is important in this business.

This. Ch 11 is their only option.

But it's not the end of the airline.

Strap in. Defend your contract the best you can.

Best of luck guys

Thanks Judge William Young!

****Thanks Robin and JetBlue!!!

Fixed it for you.

Once it starts........

If I'm a Spirit pilot, I'm calling my incoming senators and representatives and telling them to oppose age 67. The geezers will have no problem blocking you from getting hired elsewhere while they stay at the highest seniority they will ever hold.

if they declare chapter 11 will the current furloughs and downgrades be halted ?

Nope.


-filler-

I am mostly impressed with your posts and I appreciate your compassion in this one, however not all trips to Ch 11 end well:

Braniff

Eastern

Pan Am

TWA (well almost)

Perhaps planning for the worst and hoping for the best is more prudent???


And I agree...best of luck to all at NK

Naa their posts are not that impressive

Time for Stuey to get off his ass, and call a vote of no confidence on our CEO and the C Suite.
Stu, you hear that? Do your job! Unbelievable the Union has been silent the last 72 hours. Must be out golfing with Ted.

What exactly do you think this will do?

Good god it’s amazing all the damn vultures from other airlines who seem to have come here to kick the dog while they’re down. This has been quite disappointing to be honest.

Yeah, I’ve been thinking the same thing. Pretty sad. Guess misery loves company. Karma is a biiiiiiooooo tttttttcccccchhhhh.

yeah man I guess you’re right. Can you imagine being so miserable that you to spend all your time at the “failing” airlines thread just so you can beat em while they’re already down? I just don’t understand that mentality.

And what exactly would that accomplish, genius? Maybe start with actually knowing who your union leadership is first.

I was thinking the same thing. What a complete idiot

Naa his/her posts are not that impressive

they/them is over.

settle down. Is it really that surprising that folks with a vested, multi-decade interest in this career might be rooting against a company that attempts to drive down prices? Let's be honest. If Spirit does shrink, it will result in higher fares and presumably higher profits for the remaining industry participants (almost all of whom have previously experienced a bankrupcy and the associated shrinkage/disruption themselves).

And let's be honest, if that merger had gone through, you'd be doing everything you could to grasp every last ounce of seniority from another pilot group no matter what it took. So stop taking it personally.

Nah man you know, it’s my airline, my future, my
job. I have a vested interested here, so yeah - I think I’ll take it personally. Settle down? Get real! What I won’t do is ever go in your house talk **** about your family. Pretty much what’s happening here.

Why would a member of the negotiating committee call for a vote of no confidence? You do realize Stuart has not been the MEC Chair for a few years, right?

Enough Delta pilot. For the sake of others, quit enforcing stereotypes.

Seriously. The amount of legacy guys spending time on OUR sub forum stoking the fears of an already stressed out pilot group is beyond depressing. Some of you can barely contain your excitement at the thought of NK liquidating. This is our space guys. If you want to come here may I suggest expressing empathy toward your fellow union brothers and sisters. Otherwise just keep your mouth shut and scram.

It’s heartbreaking to see what’s been going on over at NK. NK has some of the best people and I truly hope y’all get through this. Made some awesome friends there and flew with awesome CAs. Seriously can’t complain about my time at Spirit. Hope yall pull through

We’ll need all the luck.

If you make anymore dude you’re going to be replaced by single pilot ops or robots before you know it.

Every raise I've ever had in the last 20 years has been accompanied by this sentiment.

That's still vastly more expensive than what we cost, even if you quadruple our pay.

Increasing pilot (labor) pay to ridiculous labels would instead squeeze out the lower end of the market and cause a big political backlash. That would likely trigger government facilitated startup ULCCs (naturally with no unions to start with).

Yes and no. All of those airlines were dinosaurs that struggled to adapt to deregulation. And they were also gone before bankruptcy rules were reformed. It's a lot harder to just shut it down and liquidate now under the new rules.

Not every legacy pilot is a prick that's rooting against you guys. I'm certainly not.

Hang in there.

Dinosaurs? Eastern was the largest carrier for years and didn’t struggle with deregulation. They struggled with horrible management and Francisco Lorenzo. Maybe buy a book and read Grounded: The story of Eastern Airlines and see that CAL and Lorenzo destroyed EAL. Lorenzo raped EAL of assets that he transferred to the scab operation at CAL.

Braniff over expanded….and was done in by the larger AA matching their cheap fares. Sound familiar?

While I hope it doesn’t happen, avoiding Ch 7 is not a given at spirit.

Okay we get it, we are all screwed. Happy now? Go take it back to the UAL forums where you belong.

Wow

just, wow

What if you're a 57 year-old Spirit pilot that could spend the next year or longer burning through savings trying to land another job in the only profession you know? Couldn't a couple extra years on the back end help with that?

Isn’t the Age 67 groups talking point that we need to raise the age because of a pilot shortage? What you are saying is to make it a socialist welfare program. Better buy a new hat.