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.

 

[AZ Typed]

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

Yeah - but I gaurantee it's funner to fly than any stupid "airliner." Not to mention you'd be hard pressed to find a tighter knit group of pilots from that bird.

 

[Rez O. Lewshun]

Yeah - but I gaurantee it's funner to fly than any stupid "airliner." Not to mention you'd be hard pressed to find a tighter knit group of pilots from that bird.

When you say tight????

 

[Grassstrippilot]

Yeah - but I gaurantee it's funner to fly than any stupid "airliner." Not to mention you'd be hard pressed to find a tighter knit group of pilots from that bird.

A very true statement. I'm glad to have been a part of it and do miss it. I can't believe it has been almost a year since we parked them.

As for Indy's BK filing, the deadline has come and gone. I agree with the posts above. I'm afraid that only leaves the hope for a "white knight" or Chapter 7. What are you guys at Indy hearing? (probably nothing) So a better question would be, what kind of vib are you getting?

Best of luck. I was hoping that there would be something worth considering coming back to when my voluntary furlough runs up in April.

 

[blueridge71]

The DoJet at Cincy was probably the high point of my career. The 700 is a good airplane, but ASA can't hold a candle to ACA, even before the Independence Day.

The clock for filing under the old rules has indeed run out. If they could have done so, filing and dropping the RJs probably would have been a smart move. I guess that pesky exit financing wouldn't allow that route though.

 

[xjavro85]

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

Are you talking about AVROS?

 

[jetfo]

Flyi Bk

The clock for filing under the old rules has indeed run out. If they could have done so, filing and dropping the RJs probably would have been a smart move. I guess that pesky exit financing wouldn't allow that route though.[/quote]

I think you're probably right. Not filing ch 11 by now is not a good sign. No exit financing and no options.

They are in no hurry if they are going to go for ch 7 liquidation. The change in the rules won't affect them.

Perhaps they are working on their golden parachutes.

 

[House_X]

The DoJet at Cincy was probably the high point of my career. The 700 is a good airplane, but ASA can't hold a candle to ACA, even before the Independence Day.

The clock for filing under the old rules has indeed run out. If they could have done so, filing and dropping the RJs probably would have been a smart move. I guess that pesky exit financing wouldn't allow that route though.

How depressing...D328 jet in CVG being the highlight of a career. The overnights were horrible (TOL, GRR, EVV, ERI...need I say more?) and the plane was about as reliable as a $3 bill. Also, the crews flying Dornier were being treated like red headed step children by ACA management. When I look at the airline industry TODAY...those were indeed the "good ole days"...how sad is THAT!!! I remember the BOS and LGA lines...high block...those were good trips!!!

 

[AZ Typed]

How depressing...D328 jet in CVG being the highlight of a career. The overnights were horrible (TOL, GRR, EVV, ERI...need I say more?) and the plane was about as reliable as a $3 bill. Also, the crews flying Dornier were being treated like red headed step children by ACA management. When I look at the airline industry TODAY...those were indeed the "good ole days"...how sad is THAT!!! I remember the BOS and LGA lines...high block...those were good trips!!!

House_X: There's so much more that made CVG pimp than the damn overnights & broken ships, trips and block. It was the people - duh. The 328 was the new "J32" of the fleet (as you put it "red headed step child") and that made it all the more fun. Yes...there were some big TOOLS in the airplane in both seats. But they were far and few between compared to the Space Shuttle ROBOTS that we were all forced to work with in HELL, err I mean IAD. Of course, the Space Shuttle was probably the highlight of your carerr, eh.

 

[Patriot328]

House_X: There's so much more that made CVG pimp than the dang overnights & broken ships, trips and block. It was the people - duh. The 328 was the new "J32" of the fleet (as you put it "red headed step child") and that made it all the more fun. Yes...there were some big TOOLS in the airplane in both seats. But they were far and few between compared to the Space Shuttle ROBOTS that we were all forced to work with in HELL, err I mean IAD. Of course, the Space Shuttle was probably the highlight of your carerr, eh.

AMEN (Well assuming I was one of the TOOLS)..

 

[smellthejeta]

But they were far and few between compared to the Space Shuttle ROBOTS that we were all forced to work with in HELL, err I mean IAD.

I always thought hell was ORD, not IAD.