Spirt filed for Chapter 11 again
09-09-2025 | 03:28 PM
#191
On Reserve
Joined: Dec 2023
Posts: 129
Likes: 51
From: 320 PIC
I still don’t understand how someone can think a merger will happen? Merge into what? Nobody wants any part of a company that owes $6.5b and loses $100m a month.
09-09-2025 | 03:37 PM
#193
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Joined: Nov 2013
Posts: 4,167
Likes: 226
From: Aircraft & Seat: old & hard
I’ve never seen such nonsense and fear-mongering. The idea that Spirit can claw back your normal paycheck is just not true. I asked ChatGPT about this and it flat-out disagrees with what’s being said here.
Bottom line: your regular wages for trips you’ve flown are protected in bankruptcy. Once that money hits your account, it’s yours. The clawback rules in the Bankruptcy Code are for weird one-off pre-petition stuff like bonuses, severance, or insider payments. Not your paycheck.
Bottom line: your regular wages for trips you’ve flown are protected in bankruptcy. Once that money hits your account, it’s yours. The clawback rules in the Bankruptcy Code are for weird one-off pre-petition stuff like bonuses, severance, or insider payments. Not your paycheck.
09-09-2025 | 03:56 PM
#194
Max Days Off
Joined: Mar 2022
Posts: 141
Likes: 13
A 363 asset sale. How do you think AA bought TWA for 500mil? Most likely scenario here, we will go to the highest bidder for cheap. That debt will not transfer.
09-09-2025 | 04:14 PM
#195
Banned
Joined: Jul 2023
Posts: 633
Likes: 32
09-09-2025 | 05:03 PM
#196
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Joined: Sep 2020
Posts: 1,556
Likes: 335
363 Asset sales are not applicable with leased assets. Spirit has always had the ability to sell owned assets that are unencumbered. My understanding is that 100% of Spirit's planes are either leased (i.e. owned by another entity) or have encumbrances (meaning notes against the asset). For other debts owed by Spirit, maybe, but you don't wipe out encumbrances on the planes themselves. Those have to be paid off.
09-09-2025 | 05:48 PM
#197
On Reserve
Joined: Sep 2018
Posts: 148
Likes: 6
This advice is better than mine.
Many captains at Spirit when it shuts down, if they are early fifties or older, will never again see the earning power they have today.
Funnel your money into a separate bank and dare them to sue you for it. Very high barrier for them and you're gonna need that money for kids college/your retirement etc.
You should read the court dockets if you haven't already. Some of them are plans creditors are putting forward. They intend to liquidate - what they do with the assets after varies, but they all intend to liquidate Spirit. It. Is. Over.
Many captains at Spirit when it shuts down, if they are early fifties or older, will never again see the earning power they have today.
Funnel your money into a separate bank and dare them to sue you for it. Very high barrier for them and you're gonna need that money for kids college/your retirement etc.
You should read the court dockets if you haven't already. Some of them are plans creditors are putting forward. They intend to liquidate - what they do with the assets after varies, but they all intend to liquidate Spirit. It. Is. Over.
09-09-2025 | 05:54 PM
#198
Max Days Off
Joined: Mar 2022
Posts: 141
Likes: 13
363 Asset sales are not applicable with leased assets. Spirit has always had the ability to sell owned assets that are unencumbered. My understanding is that 100% of Spirit's planes are either leased (i.e. owned by another entity) or have encumbrances (meaning notes against the asset). For other debts owed by Spirit, maybe, but you don't wipe out encumbrances on the planes themselves. Those have to be paid off.
09-09-2025 | 06:33 PM
#199
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Joined: Sep 2017
Posts: 1,169
Likes: 164
From: NK CA
09-09-2025 | 08:58 PM
#200
Line holder
Joined: Nov 2013
Posts: 4,167
Likes: 226
From: Aircraft & Seat: old & hard
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