"Spanfeller is a twat" (theaspiringengineer)
06/30/2020 at 20:46 • Filed to: None
1
11|
"Spanfeller is a twat" (theaspiringengineer)
06/30/2020 at 20:46 • Filed to: None | 1
| 11 |
Credit
Weeks after Avianca and Latam
,
other Latin American flag carriers
filed for bankruptcy in the US.
ranwhenparked
> Spanfeller is a twat
06/30/2020 at 20:51 |
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There will be more, many, many more.
The United States might wind up with a single legacy carrier after all this, United American Delta Air L ines, a Southwest Continental Holdings C ompany
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Spanfeller is a twat
> ranwhenparked
06/30/2020 at 21:14 |
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I think Delta owns like half of AM so... No idea why we filed for C11
pip bip - choose Corrour
> Spanfeller is a twat
06/30/2020 at 21:34 |
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no real surprise due to the current economic conditions
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ranwhenparked
> Spanfeller is a twat
06/30/2020 at 21:35 |
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They lost $105 million in all of last year, but $102 million in just the first quarter of 2020, with passenger volume down 18%. They had been unprofitable for 7 out of 9 quarters leading up to that. Aeromexico does have $563 million in cash, but that’s only enough for maybe 5 months of operations, less if the decline becomes worse. And it isn’t like its easy for airlines to go borrow money right now.
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Spanfeller is a twat
> ranwhenparked
06/30/2020 at 21:39 |
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they meaning Delta?
I wonder why AM filed for bankruptcy in the US to begin with... I guess the US’ system is the best equipped to handle it.
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ranwhenparked
> Spanfeller is a twat
06/30/2020 at 21:49 |
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No, that’s Aeromexico, Delta lost $534 million in the first quarter (its first quarterly l oss in 5 years) after earning $730 million in the first quarter of last year. They are currently burning through about $50 million a day, and are expecting revenue to be down as much as 90% for the remainder of the year. I know a lot of companies look to file here if they can, because supposedly our bankruptcy laws are more favorable to the debtor than most other countries, they have a better shot at being permitted to emerge as a trading firm, rather than liquidated. Interesting that its in Manhattan instead of Delaware, though, the latter tends to have the strongest protections, but maybe they don’t have any subsidiaries registered there or something.
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Spanfeller is a twat
> ranwhenparked
06/30/2020 at 21:58 |
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Right... AM is a bit screwed.
I think Avianca also filed in Manhattan... Maybe has to do with registration as you say.
DC3 LS, Fuck Hyundai, now and forever
> Spanfeller is a twat
06/30/2020 at 22:20 |
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An airline going bankrupt? Is it Tuesday already?
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ranwhenparked
> DC3 LS, Fuck Hyundai, now and forever
06/30/2020 at 22:42 |
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Sir Richard Branson did once say that the best way to make $1 million in the airline business was to start with $1 billion.
SilentButNotReallyDeadly...killed by G/O Media
> ranwhenparked
06/30/2020 at 23:01 |
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He'd know. Virgin Australia just got picked up out of voluntary administration by Bain Capital.
haveacarortwoorthree2
> Spanfeller is a twat
07/01/2020 at 08:02 |
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To escape contracts they no longer want to be in . To cram down unsecured creditors and leave them with pennies on the dollar. To get the secured creditors to forgive a chunk of outstanding debt in exchange for equity.