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Originally Posted by tzskipper1
(Post 4024491)
In cases similar to NK's, the credit card companies routinely increase the "holdback" money (a percentage of the price of a purchased ticket). This is held back money that (I believe) the credit card companies pay the airline once the purchased flight is completed. So in a sense, if the airline shuts down, a ticket purchased with a credit card can be refunded back to the affected passenger.
The "holdback" by the credit card companies cut both ways though; it places limits on a carriers cash flow at a time most needed. Again, this is all from memory of a past experience. Truly wish the best for the NK employees. S CC companies do that not to pro-actively protect the consumer, but because they are already on the hook in many or most cases, based on their agreements. My thought in response to the bond idea was that anyone that stupid deserves to lose their money. If you're smart enough to use a CC that has built-in protections, then you don't lose your money. |
Seeking government aid for high fuel prices GTFOH 🤣
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Originally Posted by Jdub2
(Post 4024561)
I see an operating loss of $28M but a net loss of $130M. Where did you see $58M? And what was the $90M reorg expenses??
Stated in monthly terms instead of daily, $63.6M of fuel expenses... so $124M/mth in fuel now. Ouch What's worse is that this $30M didn't go into the Spirit cash account, but instead went directly to the DIP lenders as a payment. Its instead just a passthrough that they would have had to pay taxes on, except there are no taxes. Effectively they lost $58M and since the non-operating expenses are substantial as well, the cash flow is actually worse than this. |
Originally Posted by AirportJunkie
(Post 4024603)
Seeking government aid for high fuel prices GTFOH 🤣
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Originally Posted by 8JRMfortheyear
(Post 4024490)
No APC conclusions my boy. Some of your cadet just run their mouth bashing spirit . Maybe not in your indoc, but there’s many instances that upper management will stroll through and talk shirt about NK .
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Originally Posted by 8JRMfortheyear
(Post 4024490)
No APC conclusions my boy.
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Originally Posted by AirportJunkie
(Post 4024603)
Seeking government aid for high fuel prices GTFOH 🤣
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Originally Posted by FriendlyPilot
(Post 4024619)
If you look at the Earnings Statement the Operating Loss is indeed $28M, but there is a $30M gain from the sale of the 2 ORD gates to United. That $30M made the otherwise $58M loss a $28M loss. This is because GAAP requires this sale to be accounted for and they took the entire purchase price as a "gain" to income.
What's worse is that this $30M didn't go into the Spirit cash account, but instead went directly to the DIP lenders as a payment. Its instead just a passthrough that they would have had to pay taxes on, except there are no taxes. Effectively they lost $58M and since the non-operating expenses are substantial as well, the cash flow is actually worse than this. |
Originally Posted by Stankhunt42
(Post 4024759)
What blows my mind is even after the debate on how many tens of millions of dollars Spirit has lost this month and every month over the last several years, all the chief pilots leaving including the system chief, the ALPA leadership gone, investor after investor pulling out, planes/assets gone, and now even the media getting on board. There are still people reading all this who aren’t ready to retire saying it will be fine. Not only that but militant about how great their QOL is, and how stupid everyone that left is. Absolute bananas.
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Originally Posted by skigambia
(Post 4024760)
Why do you care?
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