Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Operating loss for the month of May was $16.5mil, with a net loss of $22.0mil.
Cash on hand at the end of May was $110.1mil, up from $99.8mil from the end of April, and reflects a $59.1mil gain from the sale of property. Of the cash and cash equivalents, $100.5mil is considered restricted. (10 mil unrestricted )
This loss is in addition to previously reported $16.5mil foss for the last 20 days of April.
Can anybody confirm this?
If you look through the report you will see that the 100 million restricted cash is in addition to the 110 million unrestricted cash.
If Frontier goes down it will be lucky to be front page news on the money section, except in Denver they will dissappear without a trace.
Add to that the creditors are not going to sit by and watch as they spend every last dime and liquidate their assets. At some point, and probably not too far in the future, the creditor's committee is going to see that if left to continue operating and spending, there will be nothing left. There simply is no hope of moving into the black from here.Rough math on remaining liquidity.
We had $108M on May 1. Lost $22M in May.
That leaves us with approximately $86M on June 1. June is ugly due to the 1110 cure. No one knows how much that was but it was at least $15M, possibly double that number. After the first week of June we are down to $71 (if 1110 was only $15M), and then we go on to lose at least another $22M for the month. Keep in mind fuel in June was much higher than May, but our revenue also increased.
That would leave us with right around $50M to start July. If oil remains at $140 we will finish the month with less than $30M.