Spirit Furloughing

Cruise said:
To each their own. Sorry some can't understand different strokes for different folks concept. For me it's not laziness...I'm at the top of the pile and getting to be near as old as dirt. So why would I willingly walk away to swing gear for some 25 year old who has 3 minutes in the industry? I have a cash reserve and can survive a fair chunk of time off (even if I'm financially not quite ready to retire). If I'm going to be an FO for the remainder of what's left of my career I might as well continue making top-of-scale (even if it's Spirit scale) pay and enjoying the QOL that comes with seniority for as long as the checks continue showing up.

Besides, just because I haven't punched out yet doesn't mean I'm not thinking about plans B through D. The fat lady is clearly warming up but she's not on stage yet...
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On a lark I recently did the math... there have been/are/will be many times I can legit say "I have more time in the Lav than you have in the jet."

And if you add in the years and years of transcon commutes... that number shoots up.
 
Furlough Bid opened today, 270 First Officers on furlough November 1st.

Company also filed for Chapter 11 again today. Fun times!
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Yeah they wouldn’t let captains voluntary bid for furlough like they did last time.

If you want to volunteer for furlough you had to take the downgrade first.
 
CoffeeIcePapers said:
Sounds like it’s time for another round of management bonuses!
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David Davis, President & Chief Executive Officer $2,918,000
Frederick S. Cromer, Executive Vice President & Chief Financial Officer $1,185,000
Thomas Canfield, Executive Vice President & General Counsel $1,082,000
John Bendoraitis, Executive Vice President & Chief Operating Officer $1,132,000

Disgusting
 
I want to find something succinct to sum it all up, but it just sucks…
Were here for your NK. Feel free to reach out, I will help how I can.
 
Well several planes that were originally painted in Spirit school bus yellow for delivery to Spirit were repainted into new colors and delivered to other airlines instead last week.
 
jtrain609 said:
It turns out one of the lessors almost ended Spirit overnight.

airlinegeeks.com

‘Unexpected’ Lease Dispute Pushes Spirit Into Bankruptcy | AirlineGeeks.com

In a court filing, the airline says it had 'no choice' after its largest lessor terminated leases on 36 future aircraft and declared default on 37 more.
airlinegeeks.com airlinegeeks.com
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This is one of the first Chapter 11 visits due to lessors getting worried. Normally it's the Credit Card companies withholding money because they are worried about not getting their ACH fees. That or fuel vendors in the hub refusing the pump gas they don't think they will get paid for.
 
BobDDuck said:
This is one of the first Chapter 11 visits due to lessors getting worried. Normally it's the Credit Card companies withholding money because they are worried about not getting their ACH fees. That or fuel vendors in the hub refusing the pump gas they don't think they will get paid for.
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pretty bad behavior if they were in fact not in default, since the follow on consequences of that sentiment may be what you’ve written here
 
bp said:
pretty bad behavior if they were in fact not in default, since the follow on consequences of that sentiment may be what you’ve written here
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I’m no lawyer, but I’d imagine being in default doesn’t necessarily require you to miss payments, especially on commercial loans/leases.
 
bp said:
pretty bad behavior if they were in fact not in default, since the follow on consequences of that sentiment may be what you’ve written here
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The language for the default clause was pretty broad, and filing with the SEC that Spirit may not last a year is likely what triggered the default conditions to be met.
 
BobDDuck said:
This is one of the first Chapter 11 visits due to lessors getting worried. Normally it's the Credit Card companies withholding money because they are worried about not getting their ACH fees. That or fuel vendors in the hub refusing the pump gas they don't think they will get paid for.
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They're getting hit from both sides, and they fended off their credit card processor a few weeks ago.

www.sun-sentinel.com

Spirit bolsters finances by borrowing $275 million, extending credit card processing deal

Financially troubled Spirit Airlines moved to strengthen its cash position by renewing its credit card processing contact and borrowing the entire $275 million from its credit line.
www.sun-sentinel.com www.sun-sentinel.com

I wouldn't be surprised if they're now using that $275 million as DIP financing, because I don't know who else would finance the reorganization.
 
jtrain609 said:
They're getting hit from both sides, and they fended off their credit card processor a few weeks ago.

www.sun-sentinel.com

Spirit bolsters finances by borrowing $275 million, extending credit card processing deal

Financially troubled Spirit Airlines moved to strengthen its cash position by renewing its credit card processing contact and borrowing the entire $275 million from its credit line.
www.sun-sentinel.com www.sun-sentinel.com

I wouldn't be surprised if they're now using that $275 million as DIP financing, because I don't know who else would finance the reorganization.
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Do you think that they're more open agree to an acquisition, merger with Frontier now?
 
A couple of decades ago I worked for the fueling company at JFK. I was a dispatcher and would get calls for from various airlines. One evening I get a call from some head honcho at some bank and tells me to cut off National Airlines(the revamped one that flew 757s). At the time the airline was in bankruptcy. They sent an official letter via fax a few minutes later. About 30 minutes later I get a call from the National station manager begging to fuel them because they needed to get the two planes back to LAS. My manager told me the only way they would get any fuel is they paid cash.
 
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