I always thought it was Training Center, but like EKG, we're swapping letters.

The low level of contract literacy here is pretty amazing. I think it’s a product of texting, social media, and chat groups. No one reads anymore. Why go look it up when you can just ask a chat group and get 10 different wrong answers.

We have pilots getting their furloughs or downgrades cancelled (or not) and haven’t read the reduction in force section of the CBA or even know that we have two furlough MOUs that outline how it works. Do they even know that Spirit ALPA has a website that houses this information. If it’s not on their Instagram they don’t know about it

https://www.flightglobal.com/strateg...161413.article

A little bit of good news

this is beyond the previously announced DIP financing?

Virginia Ave (location of Delta HQ and training center) exudes nothing regal. Bullet holes in hotels were put up in, old and dingy rooms, murders and robberies all around, etc.

The first 350 is for during bankruptcy the second 300 for exit. The deadline to secure the additional was Jan 30th.
They’re obviously doing all of this so they can liquidate the company.

My neighbor's ex-wife's cousin was the CEO of a canned soup company and that is EXACTLY how it went down over there.

Ya, I know. They’re doing it so they can liquidate it.

But
 

how do you liquidate a canned soup company?? Just get a can opener.

do I heat it up first at least?!?

Nah, it’s Training and Knowledge.

but you can walk to spondivits

Mind explaining the logic? I’m not versed in how the current actions lead to that.

i took it as sarcasm

there is a theory that the bondholders recent investments are a ploy to take control of the company and fleece it before liquidation

I just don’t understand what there is to fleece? The business only has value as a packaged airline. Aside from the the operating cert, the HQ, a few LGA slots, and about 50 airplanes, everything else is leased.

Those things stated above that are not leased are highly leveraged with little equity compared to the skin the bondholders have in the game.

Now, as a packaged airline you get about 200+ airplanes at much reduced lease rates from what you could get those some planes on the open market for. Many of which will be paid for by P&W allowing some relief for conversion period for an acquiring airline. You also get a large order book as well as a new plug and play training center and offices without having to take the time to build or expand your own. All comes with a substantially reduced debt load along with not having to pay common stock holders a premium for their shares.

Put your app out as a back up.

Yes. And I doubt the gates "belong" to NK, airport authorities normally control those and leases are not transferable or subject to sublet. Airports leverage gate assignments for their own purposes, such as establishing service to new destinations or enabling startup/low cost airlines with an eye to improving competitive dynamics for the benefit of their travellers.

It's not assets. it's cashflow. You award the catering contract to your buddy's captive corporation. Somebody else gets the maintenance parts contract. etc. You string the company along for a year and bleed it dry to another set of entities then it goes chapter 7, you get the headquarters and the peasants fight over the scraps.

Not saying it's the plan or a viable plan but that's the concept.

^^^^^This^^^^^^

Not mentioned in this article was that the $300M infusion has collateral obligations attached to it:
15 P&W NEO engines plus 15 LGA slots and all NK’s DCA slots (I didn’t realize Spirit had any of these).
TC is leveraging everything he can get his hands on! Apologies if this has already been discussed in another thread.

Can you provide your source?

aviation direct apparently.

https://aviation.direct/en/spirit-ai...ess-operations

their AI writer needs to understand the difference between Chapter 12 and Chapter 300!! What ever happened to proof reading?

Simple Flying article. 2 days ago. I misquoted one thing - 14 engines, not 15. Apologies. Here’s the relevant part of the article:

To obtain the facility, Spirit Airlines pledged its New York LaGuardia Airport (LGA) slots, at least 14 aircraft engines, and eligible spare parts, which are defined as ‘core collateral.’ Meanwhile, eligible collateral includes eligible aircraft, engines, spare parts, slots/takeoff rights at New York-LaGuardia and Ronald Reagan Washington National Airport (DCA), cash or cash equivalents, flight simulators, ground support equipment, or real estate assets.

that’s basically everything left

Its called “burning the furniture to keep warm”

Catpie has entered the room........

2, 4, 6, 8 who do we appreciate? Ted! His plan is working!

https://www.dailymail.co.uk/news/article-14308789/amp/delta-passengers-switch-spirit-airlines-carrier-perks.html

Just a matter of time before all airline points get diluted into nothing. I’ve seen hotels require a bit of cash along with points redemption. Doesn’t matter if you have all the points in the world, they want some cash too. Can’t wait to see how passengers react to something like this! I’m thinking the points scam may be starting to unravel a bit.

A weathly DAL passenger threatening to switch to Spirit is hyperbole.
Its like saying "Id rather eat dog food than eat at XYZ restaurant". Wealthy DAL paxs will not be switching to Spirit. Sorry Ted Jr.

Points are being diluted, Biden was starting to peel back the curtain on the points scam. Hotels are already requiring partial cash payments when redeeming points on certain days. Cash plus point days are the new black out days. Airlines with massive outstanding point accumulation will follow suit too, if they haven’t already. The rich are just the ones complaining first/being reported on. Average point holders are starting to notice too. Don’t worry though, you can rest easy; the big 3 have cracked the code, and FedEx will always be the best place to hang your hat.

it’s also spelled out in the latest SEC filing - which are terrible to read at best 😂

Does anyone know details of what will come of the bankruptcy court case tomorrow?

is it just boring court stuff or will we find out more meaningful stuff?

good news / bad news will immediately show up in the stock price action

https://finance.yahoo.com/quote/SAVEQ/

Not going to happen. People have been trained

This would be more believable if they said they’re switching from Delta to United. Or American.

#1 reason this isn’t going to happen is because you don’t have the robust route structure delta has. In other words. It’s hard to fly spirit when you don’t go where they wanna go.

or don’t know how to fight.

Then why did Delta, American and United all create an Economy fare - modeled after and referred to by members of legacy department as “Spirit Fare”? Sounds like Soirit had a big enough market for the big 3 to adopt a different model.

Prior to the pandemic they were much more focused on high fare business travel than leisure travel, especially low priced travel. When the business travel didn't come back they adapted and began going after every dollar available. Now they offer a price focused option that also comes with a much larger network, historically better customer service, better rewards programs, frequency, WiFi and in seat entertainment.

Better rewards? That’s why you’re having this conversation, the rewards aren’t worth it anymore. He may come once but I doubt he’d stay for long.

Those people don’t have status. That’s what we are talking about

“Spirit fare” started by DAL in 2015, 2017 by UAL. Covid caused a consumer shift and spirit lacked the ability to adapt. Theyve been coming at spirit/frontier for almost 10 years now.