DHL to shut down US Domestic Ops Jan 30

[727Niteflyer]

obviously alot of you have never been through chapt 11. They are going to have go chapt 11 to reorganize all the debt. This includes labor. Whatever contract provisions you have about following aircraft and severence packages will be thrown out the window. You will line up with all other venders in line and collect pennies on the dollar if you can.
Personally I think ATSG will sink abx completely and shift all the aircraft they can to ATI.

Chapter 11 sucks for labor, you will be the last to get paid.

Im really sorry this is happening to yet another airline and employees in general. Its sad and frustrating, I only hope that ATI and Cappy will give some sort of preferential hiring in the future to the abx drivers.

 

[Publishers]

I have not seen anything that says they are taking the Chapter 11 route. They shut down a business segment, not leaving the world.
It is unfortunate businesses fail. GM could fail by next week. A lot of them fail under the weight of yesterdays deals, pensions, and debt.

 

[ABXbooger]

ABX will file for bankruptcy, chapter 7, liquidation, ATSG will file Chapter 11, reorganization. I wouldn't hold my breath that ATI and Cappy won't both feel the pain as well...

 

[727Niteflyer]

ATSG isnt filing chapt 11 and certainly not ATI or Cappy. ATI and Cappy have thier own contracts, both still remain profitable thats why it was a benefit to keep everything seperate.

ATI and Cappy have nothing to do with ABX, we are just owned by all the same people. Certainly ABX isnt going to operate all the 9s and not all the 76s. Filing for Chapt 11 will give ABX the opportunity to redo all contracts with vendors and labor. Chapt 7 will give them the benefit of getting rid of the debt all together and moving assets as needed.

ATI and Cappy were making money before this mess and both continue to make money.

 

[ABXbooger]

Look closer and you will see the debt spread amongst all of the subsidiaries. Creditors will be going after all of the assets of the companies in question to satisfy their liens and creditors and judges will be driving the bus, not ATSG executives.

 

[abxaviator]

All nice thoughts, but what makes you think they won't use bankruptcy to avoid paying you?

Because they won't be filing BK papers before Jan 30th. I doubt they will do that at all, but by then I won't even know about it as I will be long gone.

 

[727Niteflyer]

Look closer and you will see the debt spread amongst all of the subsidiaries. Creditors will be going after all of the assets of the companies in question to satisfy their liens and creditors and judges will be driving the bus, not ATSG executives.

thats why they are going to shift the debt to abx and sink it. It really doesnt make since to liquidate the 2 companies that are making money.

Im sure its a nice thought to think that ATI and Cappy are losing money and ATSG is going to shut down completely. But thats not the case. ABX lost its ride, not ATI or Cappy. In fact we (Cappy) are renewing contracts with bax at the beginning of the year probably adding more cities and aircraft. Even our DHL contracts having nothing to do with whats happening in DHL north america. Those contracts are signed for 4 or 5 years. DHL central america is even making money.

creditors can only go after assets that are held by the company in trouble. If abx files they cant come after cappy or ati. They are 3 seperate companies.

 

[nitefr8dog]

thats why they are going to shift the debt to abx and sink it. It really doesnt make since to liquidate the 2 companies that are making money.

Im sure its a nice thought to think that ATI and Cappy are losing money and ATSG is going to shut down completely. But thats not the case. ABX lost its ride, not ATI or Cappy. In fact we (Cappy) are renewing contracts with bax at the beginning of the year probably adding more cities and aircraft. Even our DHL contracts having nothing to do with whats happening in DHL north america. Those contracts are signed for 4 or 5 years. DHL central america is even making money.

creditors can only go after assets that are held by the company in trouble. If abx files they cant come after cappy or ati. They are 3 seperate companies.

And all three companies are owned by ATSG, as of right now according to the last quarter sec filing ABX was the only one making money. The debt was to purchase Cappy, Ati and Cam. I say ATSG files bk. And everyone is in for a wild ride. It is really to bad but unavoidable.

 

[bukakke]

legally you are correct........we all get to taste a piece of the s**t pie, it's all tied together....pretty pious there 727 Nigthflyer, but you are included in the fire sale, lol

 

[l8fr82hub]

as of right now according to the last quarter sec filing ABX was the only one making money.

I just looked at the second quarters 10Q (Haven't seen 3rd quarter yet) and it showed ABX had an EBIT of $7,305,000 and CHI (ATI,CCI and CAM) had an EBIT of $8,292,000. How do you figure only ABX made money?