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I've seen it several times. It always hits by surprise, probably because a slow workup to a shutdown chases customers and vendors away.
You guys spun the news about the German bank waiving loan covenants on your spare part collateral, but that was only one in a whole field of land-mines.
In the end, your bondholders are the ones resting Frontier's testicles in their fist. There are all sorts of covenants, or loan requirements that allow senior lenders the ability to 'call' a loan with no notice. BK court offers a lot of protection, but things can go south very fast.
I suspect your CEO is "dialing for dollars", trying to get another business (hopefully an airline) interested in partnering up and weathering the storm.
Good luck though. Although I'm doom-and-gloom, that doesn't mean I can't put myself in the shoes of guys quivering about their next paycheck and health insurance for their kids.
Been there, done that. My only advice is to be proactive, don't wait for the guillotine to drop.
Although trite, "Who moved my cheese" is an excellent review of how standing in one spot while the world collapses around you is not always the best choice you can make.
The cheese moved, don't worry about fault, just go find some new cheese.
I agree, we shouldn't stand here with our heads in the sand. I still see hope, we're not dead yet. You're right, I could wake up one morning and hear the news of liquidation.
If anyone can figure a way out of this, it is you guys. I'm optimistic for you and pulling for you in my thoughts.
Look on the bright side, at least you weren't infected by the nastiest of diseases, like my airline was(AWA).
You've got a fighting chance, I'm not so sure about me. Yea, there's a little cash for awhile, but......
...I'm asking for details. Numbers, financial data, DIP prospects, etc...
Numbers can be spun anyway you wish. I am not a CFO only a lowly pilot. All that I said was history has not been kind to companies in your position. I too worked for a company in similar situation (BN) and then too was much younger and full of "spirit" and optimisim. That can only help your cause.
Good luck
No offense was taken. I was just curious if people could shed light on the situation at hand. From the outside looking in i would think we're toast. However, based on the info we get from the company, union, etc... we have a fighting chance. Who knows?
Good luck to us all.