UAL says no furloughs or paycuts until 9-30
03-31-2020, 07:06 AM
#21
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Joined APC: Oct 2010
Posts: 2,639
Originally Posted by airlinepilot50
Bingo! Bankruptcy is the right solution for most airlines at this point in time.
03-31-2020, 07:10 AM
#22
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Joined APC: Dec 2019
Posts: 131
Originally Posted by ugleeual
Rumor is Delta isn’t going to accept the grant or the loan... they don’t like the terms. We will know more Friday... that’s the Treasury deadline to request the money.
03-31-2020, 07:37 AM
#23
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Posts: 215
Originally Posted by cadetdrivr
I’m sure you are also including the outsourced staffing agencies (aka “regional airlines”) in that analysis? After all, in a bankruptcy the suppliers always get squeezed hard. One would think there’d be a ton of opportunities to rationalize the feeders by eliminating duplication, resizing, and cutting employment expenses. The possibilities are nearly endless.
03-31-2020, 07:41 AM
#24
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Originally Posted by 5and20
The pot is smaller than the total needed to cover payrolls. Which means each airline will get a prorated amount. Passing on the money will effectively give your competitors billions in extra cash. No one will pass on the money.
03-31-2020, 08:56 AM
#25
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Originally Posted by cadetdrivr
I’m sure you are also including the outsourced staffing agencies (aka “regional airlines”) in that analysis? After all, in a bankruptcy the suppliers always get squeezed hard. One would think there’d be a ton of opportunities to rationalize the feeders by eliminating duplication, resizing, and cutting employment expenses. The possibilities are nearly endless.
For a pilot perspective, if any of the majors file BK then we will ALL suffer. I think we learned this lesson before? Don't underestimate the massive downward pressure one airlines restructured pilot contract will put on the rest of us. FWIW, I don't think we can prevent the company from pulling the BK trigger since there are many other considerations at play....but I don't think we should be cavalier about it either.
03-31-2020, 09:08 AM
#26
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Originally Posted by AxlF16
There are more than a few risks to management involved with BK as well.
For a pilot perspective, if any of the majors file BK then we will ALL suffer. I think we learned this lesson before? Don't underestimate the massive downward pressure one airlines restructured pilot contract will put on the rest of us. FWIW, I don't think we can prevent the company from pulling the BK trigger since there are many other considerations at play....but I don't think we should be cavalier about it either.
For a pilot perspective, if any of the majors file BK then we will ALL suffer. I think we learned this lesson before? Don't underestimate the massive downward pressure one airlines restructured pilot contract will put on the rest of us. FWIW, I don't think we can prevent the company from pulling the BK trigger since there are many other considerations at play....but I don't think we should be cavalier about it either.
03-31-2020, 09:14 AM
#27
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Joined APC: Mar 2018
Posts: 1,358
My opinion is that pilots can’t save the airline, or stop the company from declaring bankruptcy if it comes to that. Declaring chapter 11 is expensive and it is not a get out of jail free card. It is a last resort. I think that our situation will be greatly improved, however not close to where we would like to be, by fall. I’m afraid that a furlough, possibly even a deep one, is inevitable. We can’t stop that either. If we are heading to the gallows we should refuse concessions of any kind and not tap dance up the stairs and stick our heads in the noose.
03-31-2020, 10:36 AM
#28
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Originally Posted by ugleeual
Rumor is Delta isn’t going to accept the grant or the loan... they don’t like the terms. We will know more Friday... that’s the Treasury deadline to request the money.
Ed flat out said last week he was going to accept the money. He didn’t specify if it would the grants, loan, or both.
03-31-2020, 08:02 PM
#29
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Joined APC: Jul 2016
Position: FO
Posts: 793
Originally Posted by Andy
I don't see how Delta will be able to stay out of bankruptcy without the loan. Maybe they have access to cash somewhere else. Still, doesn't seem like a smart call.
Warren Buffet aka Mr. Cash King.
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