Grinstein says Delta will be ok!

[Ace757]

Delta’s financial problems are severe, but by no means insurmountable,” said Jerry Grinstein, chief executive officer. “We are optimistic about our future because we have been working for months on a business plan that builds on the substantial improvements we’ve already made and demonstrates that Delta can return to profitability once the company is able to restructure appropriately.”

 

[FreightNazi]

Captain Smith said the Titanic wasn't going to sink.

 

[gkrangers]

If the employees worked for free....would they turn a profit?

 

[DaveGriffin]

Captain Smith said the Titanic wasn't going to sink.

Back in 2002, when Delta first asked for concessions from the pilots, DALPA claimed that Delta was grossly exaggerating claims of possible financial failure.

 

[~~~^~~~]

If course, with C2K ratified in 2001 they needed three years to get their earnings up to cash out with the best retirement package.

I hate to burst anyone's bubble, but what did you expect Grinstien to say, after all he just borrowed another 1.7 Billion dollars.

 

[lumax]

Yeah, Grinstein and his mgmt buddies will be OK with with their golden parachutes. The entire airline could desolve but the important thing is I, Grinstein, will be OK. Employees will be laid off and pensions terminated but I, Grinstein, will be OK. Years of hard work on work rules will be erased by bankruptcy judges but I ,Grinstein, will be OK.

 

[DaveGriffin]

If course, with C2K ratified in 2001 they needed three years to get their earnings up to cash out with the best retirement package.

I hate to burst anyone's bubble, but what did you expect Grinstien to say, after all he just borrowed another 1.7 Billion dollars.

Exactly right Prof;

Three years of foot dragging after 9/11, purposely staged to allow the senior pilots cash out with three years of C2K high earnings, caused more financial damage to Delta than the unwinding of the fuel hedges and the management bonuses combined. DALPA plus Management are equal culprits in this disaster.

 

[Green]

Can you think of one airline that has shrunk to profitability and turned out to be a success. Employee concessions are a drop in the bucket in the grand scheme of things.

 

[General Lee]

Back in 2002, when Delta first asked for concessions from the pilots, DALPA claimed that Delta was grossly exaggerating claims of possible financial failure.

Dave,

Had Michele Burns sold the fuel hedges yet? Nope. Had we started retiring pilots at 200 a month yet? (That was their contractual right) Had the 2nd Iraq War started yet Dave? Also Dave, the company often asked for concessions and never said what they would do with the non-union people. That aint fair Dave. Wake up Dave.


Bye Bye--General Lee

 

[General Lee]

Can you think of one airline that has shrunk to profitability and turned out to be a success. Employee concessions are a drop in the bucket in the grand scheme of things.

That is why you restructure in Bankruptcy. Continental has done it twice, and USAir has done it twice in 3 years. We have $10.6 billion in pension obligations, which could have most of that ($8.4 Billion) dropped and given to the PBGC. There goes some debt. Then, we have $4.5 billion in unsecured debt, which according to an article those creditors can maybe expect 25 cents on the dollar in return. Sell Comair and there goes another billion. (in planes and lease obligations) Cut our pay, and there goes money for gas savings. American Express wants us around, since we have 25 MILLION SkyMiles members with their card. GE and Boeing want us around to do business and to not dump airplanes on the market. (China didn't even want our MD90s last year---we offered) The drops in the bucket will be significant eventually. And, we actually do have a plan and have been working on it, but we ran out of time with high gas and debt problems.....It will be interesting....


Bye Bye--General Lee