Spirt filed for Chapter 11 again
12-09-2025 | 12:45 PM
#521
Banned
Joined: Feb 2025
Posts: 136
Likes: 19
You misread my post.
I am saying the NOL carry-forwards are just one example of the many intricacies of this situation. Meanwhile we have pilots thinking they know what is likely to happen based on cherry picking random filings, brand pecking order, seniority list integrations, etc.
The situation doesn't look good and hasn't for 5 years but we are at the precipice of this resolving, one way or another. That's about all we know.
I am saying the NOL carry-forwards are just one example of the many intricacies of this situation. Meanwhile we have pilots thinking they know what is likely to happen based on cherry picking random filings, brand pecking order, seniority list integrations, etc.
The situation doesn't look good and hasn't for 5 years but we are at the precipice of this resolving, one way or another. That's about all we know.
12-09-2025 | 12:51 PM
#522
Banned
Joined: Feb 2025
Posts: 136
Likes: 19
Since you brought up NOLs, I want to point out that I believe the company is maximizing its losses to enhance the airline’s value. These NOLs are transferable to the acquiring airline.
12-09-2025 | 12:58 PM
#523
Banned
Joined: Feb 2025
Posts: 136
Likes: 19
Or it could simply be people who have done their homework. You rely on ad hominem attacks like a crutch, when you should spend more time studying a subject before attacking others.
12-09-2025 | 01:19 PM
#524
Gets Weekends Off
Joined: Jun 2010
Posts: 7,571
Likes: 281
From: DOWNGRADE COMPLETE: Thanks Gary. Thanks SWAPA.
12-09-2025 | 01:24 PM
#525
Gets Weekends Off
Joined: Nov 2005
Posts: 2,689
Likes: 28
12-09-2025 | 02:03 PM
#526
Line Holder
Joined: Sep 2020
Posts: 1,556
Likes: 335
Not true. IRS rules substantially limit NOL carryforwards in circumstances where there is a "change of ownership". This stops companies from buying other shell companies with high NOLs just to use the NOLs to avoid taxes.
12-09-2025 | 02:04 PM
#527
Line Holder
Joined: Sep 2020
Posts: 1,556
Likes: 335
Dude your response to me the other day was a 100% AI response. None of your takes even make sense.
12-09-2025 | 02:52 PM
#528
That/It/Thang
Joined: Aug 2020
Posts: 3,460
Likes: 272
Others would say the company is continuing to lose money for a 30th consecutive quarter and have been in Ch11 twice in as many years and the flies are starting to circle
Now you tell me which outlook has “studying” behind it and which outlook is wanting to see any reason for hope.
12-09-2025 | 03:15 PM
#529
On Reserve
Joined: Jul 2025
Posts: 69
Likes: 21
Spirit LOST $96M in October. The GAAP profit of $20M was only because of terminated leases that were accounted for as a non-cash gain. Its accounting for tax purposes, but Spirit didn't "make $20M" nothing like that. According to the financial statement Spirit added $250M in cash. This has to be DIP financing. The earnings statement doesn't show any sales of assets attributable to this much cash being added to the balance sheet.
Spirit drew $250M in cash, but their actual cash burn from the operational losses were $77M, which is slightly better than the $90M.
Spirit has a -38% operating margin. This is not sustainable nor will go away by becoming smaller. Being smaller will only reduce the cash burn so they aren't losing 38% at scale.
Spirit drew $250M in cash, but their actual cash burn from the operational losses were $77M, which is slightly better than the $90M.
Spirit has a -38% operating margin. This is not sustainable nor will go away by becoming smaller. Being smaller will only reduce the cash burn so they aren't losing 38% at scale.
The company is by no means healthy, but -38% for Sept/Oct is not a routine margin that can be carried forward and applied for future performance expectations.
And yes, the margin will shrink. They have not cut flights to the same percentages they have cut plane leases and staff. Good strategy or not, open question, but they are cutting expenses more than the cuts to revenue to narrow that margin. 20% flight schedule cut to 30% flight attendant furloughs and something like 40% of plane leases rejected.
12-09-2025 | 03:26 PM
#530
On Reserve
Joined: Mar 2012
Posts: 173
Likes: 14
The part that kills me is we were parking, what, almost half our planes before BK2.. and now with a third of FAs furloughed and as many pilots gone to furlough and attrition.. I get that one could argue we were "fat" on crews as the P&W grounding affected us.. but not between 30-50% overstaffed.. not as I could tell.. so if we reject leases on parked planes, why are we getting rid of an according number of crews?
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