Good luck Republic dudes and dudettes
- Thread starter MusketeerMan
- Start date
Ajax
¯\_(ツ)_/¯
Do you have to live with the contract? No? Then let them decide. It's their job, their contract, their choice. Maybe it isn't the pay rate necessarily that is a hold up but rather additional language that needs to be reworked and adjusted.
D
Deleted member 27505
Guest
I read about 5 paragraphs into the thing and floated to the ceiling. Any decent judge would throw that out simply for wasting everybody's time. An excess of legal verbiage is what appears when principles disappear. What a crock our society has become. So very sad.
I'm going to go weed my onions now. The sweet corn is in full ripeness.
ScorpionStinger
Well-Known Member
Corvous is a regional carrier based in Alaska and they have the highest hourly pay rate amongst regionals. In addition they have the highest take home pay after all taxes deducted. No City or State tax or something of that nature. Operating Dash-8's in Alaska. They have industry leading wages.
ScorpionStinger
Well-Known Member
Sure, let them vote.... Its how the RAH union & pilot group recieves it that matters.
I look forward to reading the unions supporting verbage of this "Final, Best Offer."
SmitteyB
Well-Known Member
Hold on, hold on...
Corvus is not a FFD carrier. They are an airline who flies short routes in regional aircraft. The business model isn't the same. Not to defend RAH, but its apples and oranges.
Regional airlines aren't the problems - the problem is the Big 3's obsession with CHEAP feed and an never ending campaign to drive down pilot labor costs.
SlumTodd_Millionaire
Most Hated Member
Sorry, but I take thousands of lost jobs and millions of screwed shareholders a bit more seriously than that.
Republic is a publicly traded company. This stuff ain't top secret, folks. Look at the numbers.
Don't want people who aren't at your airline to comment? Then don't post it on a public forum.
SlumTodd_Millionaire
Most Hated Member
You must be under the mistaken impression that bankruptcy can only be filed when you're actually out of money. Not so. But RJET isn't too far from that point, anyway.
Screaming_Emu
Well-Known Member
ATN_Pilot said:
I understand that. I'm guess I'm looking for something more in depth. Way above my pay grade. Like how much cash do we have vs how much do we need vs how much is prudent? How big of a trend in the wrong direction are we? How far can we go until BK court considers a case for a chapter 11 restructure? What's up the early debt repayments everyone talks about? Heck, what are even some of the questions I should be asking.
You know, those kinds of things. I can fly a plane and run some trim but I have zero background in reading a companies financials.
I look at the numbers and I see profit down this year, when oil prices are collapsing and the pilots are still going to work (not striking) under the old pay. Their revenue is down because of not having enough pilots and I know more of their pilots that are headed to other regionals rather than sticking around. I think most of the shareholders have already voted with their wallets and bailed on management after looking over their stock prices. Have you heard anything about what their intentions are with all their C-Series orders? Also what about their financials specifically has you thinking that they might go the bankruptcy route any time soon?
SlumTodd_Millionaire
Most Hated Member
Airline analysts like to see at least 20% of revenue held in cash reserves to be safe. At the very least, 15% is considered the minimum for an airline. RJET is currently at 13% and falling. Free cash flow is negative. By a lot.
The bankruptcy court will basically consider their petition at any time, justified or not. It's up to the creditors to make an argument in court that the company is filing a sham bankruptcy, and in this case, they don't have much of an argument, as RJET is in an untenable position. Hell, many of the creditors would probably welcome it, as they probably view the IBT as so unreasonable that a filing is the only way to move forward.
Even then what could they hope to gain by taking the airline bankrupt? They're having a hard time attracting pilots as is and I don't see how the QoL issues that the pilots are concerned about would mean the difference between bankruptcy and not going chapter 11. If they do go bankrupt they are sure to only drive more and more of their pilots away so I don't see how bankruptcy would accomplish anything. They're making profit quarter after quarter, but have been pissing through cash despite their fuel costs having been much lower than normal.
SlumTodd_Millionaire
Most Hated Member
QOL issues are in fact the most expensive in many cases. And yes, when you're just barely showing a net margin as it is (while hemorrhaging actual cash, mind you), that's the difference between solvency and not.
alaskadrifter
Landing gear operator
I'm failing to see how a bankruptcy would help as pilots would bail even faster and anyone with a pulse and an Internet connection would go elsewhere.
Seggy
Well-Known Member
I'm not going to say anything to the RAH pilots except good luck with what you decide and whatever happens after that, but I need to stop you here....
They, the mainline carries have already figured that out. 'Scope choke' is working.
Over several quarters, sure. I just don't see how Skywest is able to afford a better QoL, pay their pilots more and still be in so much better shape than Republic. I still don't know what the management has in mind for their C-Series and it makes me wonder how competent they are compared to the rest of the industry and why they're so much invested in their current management after their stock price collapsed. It seems like their latest proposal is just an attempt to divide their pilots, chase away their most senior captains and bring in more FOs to offset their losses.
Everything I've seen from the management has been combative and having talked to many friends who work there, not a single one can match that intensity and all, but one or two of them would rather leave for Skywest or Compass than to stick around and find out. Even with things the way they are, the management has done nothing to inspire pilots that they're the best option or even a good option for their long term career plans. If management's going to bitch and moan about their financial situation then how many new guys will walk in knowing whatever deal they sign may be undone in bankruptcy or that the company might not be in existence before it's time to upgrade? If margins are so slim and fuel prices are at historic lows, than how will the airline survive if the oil prices rise or the market turns south. If things are as dire as you say it might be the best thing for the pilots that are there to start looking at where to go next.
Gonzo
Well-Known Member
It would allow them to get planes off the books that they are paying for but can't fly because of no crew.