Spirit Now Sure As It Emerges From Bankruptcy
07-29-2025 | 09:52 PM
#921
Almost there
Joined: Apr 2021
Posts: 1,970
Likes: 111
I doubt that would be good for Spirit employees.
07-29-2025 | 10:05 PM
#922
Line Holder
Joined: Sep 2020
Posts: 1,564
Likes: 344
The offer was ridiculous. The bondholders were supposed to remove their $3B debt claim for $400M in cash and 19% equity in Frontier. So $600M in stock and cash for a near clean slate acquisition. The bondholders knew they could get more with a liquidation so they turned it down.
07-29-2025 | 10:34 PM
#923
Banned
Joined: Jul 2023
Posts: 633
Likes: 32
07-30-2025 | 04:02 AM
#924
Bent over by buybacks
Joined: Feb 2017
Posts: 1,570
Likes: 528
TWA owned those aircraft, and could therefore sell them. Does Spirit own any of its planes? It can’t sell planes it doesn’t own. This was discussed a couple pages ago.
07-30-2025 | 04:11 AM
#925
Gets Weekends Off
Joined: Feb 2008
Posts: 20,867
Likes: 182
Why would the debtors agree to that? I don’t think you understand the Chapter 11 process.
07-30-2025 | 04:41 AM
#926
On Reserve
Joined: Feb 2018
Posts: 111
Likes: 21
From: A320 captain
I see. My reason for seeking clarification being that, considering my experience level (3kTT, 0TPIC) and the current hiring market dynamics, I might only be competitive for regionals and maybe the better fractional operators like FlexJet or NetJets if I am lucky. So, if I give up my recall rights to take a job in the right seat of a CRJ, and the week after, a legacy announces they're acquiring Spirit with intentions of integrating the pilot group, you'd be more likely to find me at the bottom of bottle than in a regional indoc class.
With approximately 3000 TT your longevity at Spirit will not be worth much in a SLI situation when (if) the hypothetical legacy acquisition happens. Don't sell yourself short though, include all the legacy airlines when you apply. You probably also have a lot of years before 65, so be optimistic, and stay out of debt.
07-30-2025 | 09:44 AM
#927
On Reserve
Joined: Mar 2024
Posts: 157
Likes: 73
So, because the majority of our fleet are bank owned, is this more harmful than helpful considering if they were paid off, an acquiring airline could buy the planes only and tell the pilots to kick rocks?
What I am trying to understand is how desperately I should be trying to retain my recall rights while simultaneously trying to get hired on elsewhere, because, as I understand it, most job offers elsewhere are usually conditional upon giving up recall rights at your previous carrier.. Now I also understand that the value of having recall rights varies wildly depending if it's someone like Frontier vs. a legacy with better prospects and continued growth.
What I am trying to understand is how desperately I should be trying to retain my recall rights while simultaneously trying to get hired on elsewhere, because, as I understand it, most job offers elsewhere are usually conditional upon giving up recall rights at your previous carrier.. Now I also understand that the value of having recall rights varies wildly depending if it's someone like Frontier vs. a legacy with better prospects and continued growth.
You should defiantly not worry about keeping the recall rights to this **** hole. Keep it if you can, resign if you can't. But only after you secured another job of course. It's painfully obvious spirit shouldn't be your end game.
Correction: anybody's end game.
07-30-2025 | 09:49 AM
#928
On Reserve
Joined: Mar 2024
Posts: 157
Likes: 73
These guys have been right about everything, including 3 rounds of furloughs, downgrades and last selling of airplanes. I'm starting to believe them....
07-30-2025 | 10:07 AM
#929
On Reserve
Joined: Mar 2024
Posts: 157
Likes: 73
The offer was ridiculous. The bondholders were supposed to remove their $3B debt claim for $400M in cash and 19% equity in Frontier. So $600M in stock and cash for a near clean slate acquisition. The bondholders knew they could get more with a liquidation so they turned it down.
And you can plausibly claim that if this happened the ULCC stock would have been much higher right now making this math even worse....
07-30-2025 | 03:31 PM
#930
Banned
Joined: Jul 2023
Posts: 633
Likes: 32
The debtors won’t have a choice because they’ll get nothing in liquidation. And please don’t act like you’re an expert in bankruptcy law. It’s a pretty nuanced field. And I am no expert either.
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