Frontier CEO hints at shutdown

[bugchaser]

I know hundreds of farmers and can't think of one single one that is a democrat. That whole conservative values thing I guess.

I'm just sayin.

 

[airplane wizard]

where's that infallibility of capitalism now?

In the same place as the unsinkable Titanic

 

[Andy]

To those at Frontier, good luck. I suggest that you make plans to work somewhere else.

I looked over the 10K and 8K; they're ugly. While some will try to soothe you in telling you that everything's standard language in the 10K, there's one phrase that you always need to look for when deciding whether or not a company's about to die - it's 'going concern.' That's a statment that auditors (in this case KPMG) insist on having put into filings when the odds are that the company's toast. It's like a doctor telling the patient that he's got an inoperable cancer/tumor/etc and has 3 months to live.

Here's a link to the 10K: http://www.frontierairlines.com/secfilings/10k063008/10k063008.pdf

A quick search results in the 'going concern' statement 17 times.

Here's a link to the 8K: http://www.frontierairlines.com/secfilings/8k063008/8k063008.pdf

That's also not a pretty sight. F9 sold 4 aircraft during May and raised a net $21M from the sale. The cash on hand increased by $11M to $110M. Keep in mind that a chapter 7 company needs to have cash on hand in order to shut down. I don't know what that number is WRT F9, but I don't give the company much past Labor Day.

My apologies to those at F9 to be the bearer of bad news, but I'm not one to sugar coat things and tell you everything's OK; it's not.

 

[Newf Dog]

Andy,

We are all well aware of the dire nature of our financial situation. Nobody is kidding themselves over it.

My main gripe is with the title of the thread which gives the impresion that the CEO mentioned us shutting down to the media. A SWA guy, who stands to benefit from our demise, posts this like it's news when all he did was extrapolate info from a standard financial filing.

Clearly we are in a race to outlast high fuel. We all know that. We're selling 7 more planes because we need cash, period.

I have looked at the numbers myself. Without knowing the $$$ amount we're getting for the seven airplanes specifically it looks like we can go for a while. It's up to the creditors committee how long they will let us fight.

Bottom line is if oil comes down we've got a shot. If not we're not the only ones in hack. We all know that. You can bet your @$$ we're not going down without a fight.

No matter how bleak it looks you fight to the end. This company is too good to give up on. If we don't make it...well we gave it everything we had. That's all you can ask.

Remember, we didn't surrender when the Germans bombed Pearl Harbor!

 

[MCDU]

Germans bombed Pearl Harbor?

 

[WSurf]

Germans bombed Pearl Harbor?

Some people just don't get it! Young kids these days.

 

[WSurf]

Let us educate you.





http://www.youtube.com/watch?v=fO6LVE_P-A8

 

[Colonel Savage]

Step off, Gup!

You GUP as an ex-F9er should be ashamed of yourself for fanning the flames with a post like that, "CEO hints at shutdown."

Is "piling on" the way the "classy" guys at SWA do business. Of course you guys wouldn't stand to benefit one iota from hastening F9's demise would you?

My main gripe is with the title of the thread which gives the impresion that the CEO mentioned us shutting down to the media. A SWA guy, who stands to benefit from our demise, posts this like it's news when all he did was extrapolate info from a standard financial filing.

GUP! We talked about this before, didn't we? These are your former F9 comrades telling you to take it down a notch.

I told you fortunes can change in an instant in this business, but you're starting to remind me of Browntothebone. If you think you're immune from the likes of TPG or Tiger Capital you need a reality check.

 

[Newf Dog]

Thanks for the help on that Wsurf! Kids today!

 

[WSurf]

Thanks for the help on that Wsurf! Kids today!

Anytime NewF, since we are old school its up to us to educate. LOL