Isn't BKclock running out for Indy??

[Grassstrippilot]

When is the date that the BK rules change? I thought that it was the 17th. Is Indy going to file? I half expected to see something today.

 

[FlyingDawg]

I bet they file this weekend since many BK lawfirms are setup to do so electronically.

 

[PoorJetDriver]

In another blow for financially struggling Independence Air, Moody's Investors Service has downgraded its rating on some of parent company FLYi's debt.

The ratings service cut to "negative" its outlook on about $58 million in FLYi debt because of concerns about the collateral the company has pledged to back it up. Moody's says the regional jets used as collateral, specifically CRJ-200-ER and BAE Systems J-41 turboprops, are losing their value and weakening recovery prospects for the debt holders.
"Additionally, should the regional subsidiaries of Delta and Northwest dispose of significant numbers of their CRJ-200 -ER fleet, a relatively large percent of the total fleet of this aircraft type would enter the market simultaneously putting further pressure on aircraft values," Moody's says in its downgrade.
Independence Air (NASDAQ: FLYI) negotiated early lease terminations for a number of its turboprop jets earlier this year, but the ones pledged as collateral for the debt downgraded by Moody's were not among them.
Independence Air has significantly reduced its flight schedule and is cutting hundreds of jobs, mostly at its Dulles hub, as it tries to fend off a bankruptcy filing. The company lost $98.5 million in the second quarter. It will report third-quarter results Oct. 27.

 

[LAXSaabdude]

Moody's says in its downgrade.
Independence Air (NASDAQ: FLYI) negotiated early lease terminations for a number of its turboprop jets earlier this year.

:erm: Turboprop jets?

LAXSaabdude.

 

[Tyro]

Oh yes. Why, turboprop jets. Burn a lot of gas. -And they're slow.

 

[dojetdriver]

Come on Etoper/Slapnutz, lets hear it. Stop worrying about your retirement and start bashing.

 

[rightrudder]

They have until 1159pm sunday to file

 

[zkmayo]

I dont think they will file bc they have no ability to do DIP financing. Only hope is a "white knight" or equity investment. Its all or nothing.

Good luck to all my friends there.

 

[Propblast]

You can't file bankruptcy if you don't have a plan for exit financing. Filing at this point probably would have been a good sign (better than the alternative anyway).

-PB

 

[skid]

Oh yes. Why, turboprop jets. Burn a lot of gas. -And they're slow.

Kind of sounds like the Dornier 328 Jet. Burns gas but not very fast, and holds very few pax.