FlyI Files Ch. 11 BK

[SWAInflt]

NEW YORK, Nov 7 (Reuters) - FLYi, Inc. (FLYI.O: Quote, Profile, Research), parent of low-fare carrier Independence Air, on Monday said it and its subsidiaries filed to restructure aircraft leases and other obligations under Chapter 11 of the U.S. Bankruptcy Code.
The company also said it would request court approval to engage in a formal court-supervised auction process to seek assistance to continue its operations.

 

[Hung Start]

Sorry for all those who put their sweat into it,,, but in my opinion it is just time to get rid of excess seats. Bye bye,,, FlyI

I think most investors will see this as the first of a few that just are not worth throwing money at.

 

[lowecur]

Chapt 11 liquidation

This is probably your classic Chapt 11 liquidation. In other words, the airline continues to function while parts are sold off. It's hard to believe they have anything left to sell, as GE gobbled up most of the assets. DIP is a non issue, so unless some white knight comes along, FLYi should be out of business by the end of the year.

Good luck to the employees.

 

[Daddy]

Gates at IAD are all that's left of value that I can think of...

 

[BLUE BAYOU]

That White Knight might in the form of Virgin America!!! They'll probably off the CRJs and keep the 319s... It looks like JBLU has taken quite a few ACA/FlyI folks these past few classes too...

 

[radarlove]

This is probably your classic Chapt 11 liquidation. In other words, the airline continues to function while parts are sold off. It's hard to believe they have anything left to sell, as GE gobbled up most of the assets. DIP is a non issue, so unless some white knight comes along, FLYi should be out of business by the end of the year.

Good luck to the employees.

You know, I try not to jump on you like the other guys, since you're not an industry insider, but where in the world did you come up with "classic chapt 11 liquidation?"

That's just a stupid statement. Corporate bankruptcy is seperated into Chapter 7 (liquidation) and Chapter 11 (reorganization) and they do not cross paths unless a Chapter 11 is converted into a Chapter 7.

These guys filed Chapter 11. A trustee might get appointed and it might get converted to a Chapter 7, but still, why do you act like an expert and type in such silly stuff on a public message board?

 

[GuppyPuppy]

Didn't the company have well over $400,000,000 in cash when they started out 17 months ago? That's over 3 times as much money as JB started with.

I'm sorry for those employees who put a lot of hard work into Skeen's idea. Too bad it didn't work out. Hopefully most of you will find a better job elsewhere.

Good luck to all the FLYI guys and gals.

GP

 

[lowecur]

Another lummox without a clue

You know, I try not to jump on you like the other guys, since you're not an industry insider, but where in the world did you come up with "classic chapt 11 liquidation?"

That's just a stupid statement. Corporate bankruptcy is seperated into Chapter 7 (liquidation) and Chapter 11 (reorganization) and they do not cross paths unless a Chapter 11 is converted into a Chapter 7.

These guys filed Chapter 11. A trustee might get appointed and it might get converted to a Chapter 7, but still, why do you act like an expert and type in such silly stuff on a public message board?

This from a bankruptcy attorney:

"The idea behind a Chapter 11 liquidation is to have an orderly disposition of the company's assets with the help of management instead of a fire sale on the courthouse steps," said William Zewadski, a Tampa, Fla. attorney who specializes in bankruptcy issues for the American Bar Association. "But sometimes the (management) just wants to try to milk the company's assets one last time."

:smash: imp: :laugh:

 

[SWAPoolie]

Didn't the company have well over $400,000,000 in cash when they started out 17 months ago? That's over 3 times as much money as JB started with.

I'm sorry for those employees who put a lot of hard work into Skeen's idea. Too bad it didn't work out. Hopefully most of you will find a better job elsewhere.

Good luck to all the FLYI guys and gals.

GP

$250 million with 87 RJs and 20+ dornier jets and 20+ J41s

Problem is all those planes eat up $250 mil pretty fast. At least jetBlue was smart enough to start out with just a few planes. Skeen said he wouldn't have done it if he had the choice but UAL forced him to start with 87 aircraft. It's horsesh!t because at that point MESA, Whiskey and the rest were buying 50 seat RJs. Skeen was greedy and arrogant and now it's bit him in the ass.

 

[Dizel8]

Skeen was greedy and arrogant and now it's bit him in the ass.

Or maybe he just wanted to get out from under the thumb of UAL, after all, they are pretty good a whipsawing the feeders against each other and maybe, just maybe, he believed it possible that FlyI could stand on its own.

Who knows, had fuel not taken off, they may have been more successfull.