FloridaLarry
Well-Known Member
hook dupin said:
Absolutely. And, under accounting rules, the long-term debt has to be re-classified as short-term debt by the terms of their note and the fact that they are in breach of three covenants in it.
Buying time for a Hail Mary pass, and the quarterback has been sacked.
The most recent 10-Q is far more alarming than the forbearance notification. The airline managed to have a $4M loss on $13M in revenue. Their current ratio (ratio of easily liquidatable assets to short-term debt) is 0.6. The stockholders are screwed.....
Absolutely. And, under accounting rules, the long-term debt has to be re-classified as short-term debt by the terms of their note and the fact that they are in breach of three covenants in it.
Buying time for a Hail Mary pass, and the quarterback has been sacked.