Spirit of NKS part VII (The final Chapter)

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01-18-2024, 06:18 AM

#11

Conquistador27

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Joined APC: Feb 2017

Posts: 193

Quote:

Originally Posted by hockeypilot44

It probably won’t but when faced with the whole place going under, pilots have historically chosen the paycuts. With bankruptcy, there has always been paycuts as far as I know. It’s not good for anyone. I think most pilots wanted this merger to go through.

You don’t get to vote for pay cuts or not in a bankruptcy. You get what you get.

01-18-2024, 06:21 AM

#12

Noisecanceller

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Joined APC: Dec 2022

Posts: 870

Quote:

Originally Posted by hockeypilot44

We are already below the market. Paycuts won’t be happening. Enough of the pilots have other options that taking a paycut won’t be seen as palatable. Paycuts have NEVER saved an airline. What happens will happen regardless of paycuts. If already being below the market rate and ALPA even entertains the option would gross malpractice

01-18-2024, 06:25 AM

#13

DumboDrop

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Joined APC: Dec 2021

Posts: 594

Quote:

Originally Posted by Conquistador27

You don’t get to vote for pay cuts or not in a bankruptcy. You get what you get.

That's not true.
F9 voted concessions so we wouldn't gamble with a judge.

01-18-2024, 06:26 AM

#14

Noisecanceller

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Joined APC: Dec 2022

Posts: 870

Quote:

Originally Posted by DumboDrop

That's not true.

Thank you! People think you go into bankruptcy and your contract goes out the window.

01-18-2024, 07:36 AM

#15

RJSAviator76

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Joined APC: Jul 2007

Posts: 3,776

Quote:

Originally Posted by DumboDrop

That's not true.
F9 voted concessions so we wouldn't gamble with a judge.

People seem to have forgotten the post-9/11 bankruptcy wave and all the discussions to preserve certain aspects of their contract via concessionary bargaining in an effort to not gamble the 1113c.

I think Spirit will have to change its business model and no longer chase the rock bottom dollar.

01-18-2024, 08:52 AM

#16

GrossNavError

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Joined APC: Nov 2023

Posts: 158

Quote:

Originally Posted by FlyGuy2002

My guess is furloughs are imminent. Chapter 11 near certainty. Chapter 7 liquidation seems little premature at this point. Allegiant or frontier at least explore the possibility of acquisition for the price of a bus fare. Storm clouds on the horizon , but stop short of saying we are gonna end up on the street. It'll be rough for a while but I think theyll find a way to pull thru. Im Nervous but live well below my means so I'll deal with it as it comes.

chpt 7 probably won't happen.
Franke will buy the airline in a firesale with all the employees. It's been done many many times before.

01-18-2024, 09:15 AM

#17

Bluedriver

The REAL Bluedriver

Joined APC: Sep 2011

Position: Airbus Capt

Posts: 6,920

Companies have gone into bankruptcy before with a prearranged plan to sell assets to someone, and seek the courts approval for the plan.

It's a long shot, but after the intermingling of the managements this last 18 months, that asset purchase (planes, facilities, etc) could be JBLU. With a deal to hire and integrate the employees and a partial payout to the debtors and shareholders.

Or the plan could be to sell a large part of the order book to JBLU, for a profit, to help pad the coffers to weather the storm. With Spirit's finances, and the slump in ULCC demand, NK as a corporation doesn't need and can't afford all those deliveries.

Possibly even buying some of Spirit's problem NEOs.

Last edited by Bluedriver; 01-18-2024 at 09:31 AM.

01-18-2024, 09:54 AM

#18

BlueJuicer17

Line Holder

Joined APC: Jan 2017

Posts: 61

Quote:

Originally Posted by Conquistador27

You don’t get to vote for pay cuts or not in a bankruptcy. You get what you get.

Concessions might be necessary during restructuring or a judge can impose his own. The executives who are sucessful with a restructing program will get some type of compensation/bonus for their "hard work".