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SKyway looking better
- Thread starter greenpickle
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Propsfullfwd
Well-known member
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greenpickle
Junior Mint Member
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J
Justino
Delta to Remove Last of 328 Jets
In the upcoming December schedule, Delta will finish with the replacement of the 31-seat Dornier 328JET. The aircraft were operated by Atlantic Coast Airlines which is now flying as Independence Air. Delta terminated the Connection program with ACA when they placed an order for Airbus 319 aircraft. Skyway Airlines, d.b.a. Midwest Connect, has been rumored to pick up 20 of the 328JETs for Delta Connection flying and take the remaining 10 jets for its own operation.
Source: http://www.flytoledo.com/ on Nov 10 2004
I found this on the online paper, so I don't know if it is a credible source, I know it is nothing new. Just wanted to keep the info flowing.
C yah
J
In the upcoming December schedule, Delta will finish with the replacement of the 31-seat Dornier 328JET. The aircraft were operated by Atlantic Coast Airlines which is now flying as Independence Air. Delta terminated the Connection program with ACA when they placed an order for Airbus 319 aircraft. Skyway Airlines, d.b.a. Midwest Connect, has been rumored to pick up 20 of the 328JETs for Delta Connection flying and take the remaining 10 jets for its own operation.
Source: http://www.flytoledo.com/ on Nov 10 2004
I found this on the online paper, so I don't know if it is a credible source, I know it is nothing new. Just wanted to keep the info flowing.
C yah
J
Last edited:
I wouldn't trust these types of "media" sources. They are usually wrong...as is the case here.Justino said:
Delta has already finished with the replacement of the FRJ's. There are NO FRJ's flying for DL as of November 1st. Second, the FRJ has 32 seats, not 31.
I know you are anxious to find out the FRJ's fate, but don't let yourself be misled by bad sources.
From another thread...interesting about who's responsible for the DoJet leases. Don't know if it's true...I guess someone would need to review the SEC documents...
Associated Press
FLYi May File for Bankruptcy, Shares Fall
Wednesday November 10, 3:00 pm ET Shares of FlYi Fall As Much As 36 Percent As Company Confirms It May File for Bankruptcy
NEW YORK (AP) -- Shares of FLYi Inc., operator of fledgling low-cost carrier Independence Air, dove as much as 36 percent in Wednesday trading after the company confirmed it may file for bankruptcy if it is unable to make $83 million aircraft lease payments in January.
In afternoon trading, shares of FLYi were down 30 percent, or 59 cents, to $1.32 on almost six times its average volume, leading a broad decline in the airline sector despite crude oil prices that have slipped well below the $50-per-barrel mark in recent sessions.
The American Stock Exchange Airline Index was down 2.8 percent, or 1.56 points, to 53.36 points in intraday activity.
In a quarterly report filed with regulators Tuesday afternoon, FLYi said fierce competition and soaring fuel prices drained more cash than expected when the company converted from a regional carrier to an independent discount airline in June. In October, the company posted a third-quarter loss of $82.7 million, or $1.82 per share, much wider than the year-earlier loss of $21.3 million, or 47 cents per share.
Although FLYi's traffic and occupancy levels have improved over the past two months, its finances are saddled by leases on about 30 planes that it operated as a former regional arm of cash-strapped Delta Air Lines Inc., which is unable to assume liability for the planes because of a poor credit rating.
In its filing, FLYi said it is trying to restructure and retire early some of the leases, adding that it started talks to secure funding to cover the lease payments and future obligations. The company is due to pay $83 million in regional jet lease bills in January.
"If the company is unsuccessful in those negotiations in a satisfactory or timely manner, it will be forced to consider commencing a bankruptcy case under Chapter 11 of the U.S. Bankruptcy Code or may be the subject of an involuntary Chapter 11 case commenced against it by creditors," FLYi wrote in a Securities and Exchange Commission statement.
The airline, however, insists it has "sufficient" liquidity to meet all obligations until January.
Meanwhile, shares of Delta were down almost 5 percent, or 27 cents, at $5.98 on news that the nation's third-largest carrier will cut up to 6,900 positions and plans to issue 75 million shares in its latest efforts to avoid filing for bankruptcy protection.
The Atlanta-based carrier on Wednesday said it will grant shares to employees and creditors in exchange for previously negotiated wage concessions and the deferral of maturing debt as Delta edges toward its 2006 goal of saving $5 billion per year. Delta also said it is on track to reach $2.3 billion in savings by the end of this year.
Delta said achieving quick implementation of the share issuance plan required the New York Stock Exchange to clear Delta's use of an exception to an NYSE policy requiring shareholder approval prior to the offering. The share issue represents significant dilution to the stock as Delta currently has only about 125.6 million average shares outstanding.
The airline added that it will slash between 6,000 and 6,900 non-pilot employees over the next 18 months, reduce certain benefits and cut pay by 10 percent across the board.
Shares of Continental Airlines Inc. were down 2.5 percent, or 27 cents, at $10.68 on the NYSE, Northwest Airlines Corp. shares were down 1.5 percent at $9.99 on the Nasdaq, AMR Corp. shares dropped 3.8 percent, or 35 cents, to $8.88 on the NYSE, JetBlue Airways Corp. was down 4.5 percent, or $1.07, at $22.55 on the Nasdaq and Southwest Airlines Inc. shares fell 2.2 percent, or 35 cents, to $15.67 on the NYSE.
Associated Press
FLYi May File for Bankruptcy, Shares Fall
Wednesday November 10, 3:00 pm ET Shares of FlYi Fall As Much As 36 Percent As Company Confirms It May File for Bankruptcy
NEW YORK (AP) -- Shares of FLYi Inc., operator of fledgling low-cost carrier Independence Air, dove as much as 36 percent in Wednesday trading after the company confirmed it may file for bankruptcy if it is unable to make $83 million aircraft lease payments in January.
In afternoon trading, shares of FLYi were down 30 percent, or 59 cents, to $1.32 on almost six times its average volume, leading a broad decline in the airline sector despite crude oil prices that have slipped well below the $50-per-barrel mark in recent sessions.
The American Stock Exchange Airline Index was down 2.8 percent, or 1.56 points, to 53.36 points in intraday activity.
In a quarterly report filed with regulators Tuesday afternoon, FLYi said fierce competition and soaring fuel prices drained more cash than expected when the company converted from a regional carrier to an independent discount airline in June. In October, the company posted a third-quarter loss of $82.7 million, or $1.82 per share, much wider than the year-earlier loss of $21.3 million, or 47 cents per share.
Although FLYi's traffic and occupancy levels have improved over the past two months, its finances are saddled by leases on about 30 planes that it operated as a former regional arm of cash-strapped Delta Air Lines Inc., which is unable to assume liability for the planes because of a poor credit rating.
In its filing, FLYi said it is trying to restructure and retire early some of the leases, adding that it started talks to secure funding to cover the lease payments and future obligations. The company is due to pay $83 million in regional jet lease bills in January.
"If the company is unsuccessful in those negotiations in a satisfactory or timely manner, it will be forced to consider commencing a bankruptcy case under Chapter 11 of the U.S. Bankruptcy Code or may be the subject of an involuntary Chapter 11 case commenced against it by creditors," FLYi wrote in a Securities and Exchange Commission statement.
The airline, however, insists it has "sufficient" liquidity to meet all obligations until January.
Meanwhile, shares of Delta were down almost 5 percent, or 27 cents, at $5.98 on news that the nation's third-largest carrier will cut up to 6,900 positions and plans to issue 75 million shares in its latest efforts to avoid filing for bankruptcy protection.
The Atlanta-based carrier on Wednesday said it will grant shares to employees and creditors in exchange for previously negotiated wage concessions and the deferral of maturing debt as Delta edges toward its 2006 goal of saving $5 billion per year. Delta also said it is on track to reach $2.3 billion in savings by the end of this year.
Delta said achieving quick implementation of the share issuance plan required the New York Stock Exchange to clear Delta's use of an exception to an NYSE policy requiring shareholder approval prior to the offering. The share issue represents significant dilution to the stock as Delta currently has only about 125.6 million average shares outstanding.
The airline added that it will slash between 6,000 and 6,900 non-pilot employees over the next 18 months, reduce certain benefits and cut pay by 10 percent across the board.
Shares of Continental Airlines Inc. were down 2.5 percent, or 27 cents, at $10.68 on the NYSE, Northwest Airlines Corp. shares were down 1.5 percent at $9.99 on the Nasdaq, AMR Corp. shares dropped 3.8 percent, or 35 cents, to $8.88 on the NYSE, JetBlue Airways Corp. was down 4.5 percent, or $1.07, at $22.55 on the Nasdaq and Southwest Airlines Inc. shares fell 2.2 percent, or 35 cents, to $15.67 on the NYSE.
Dull reading...
http://biz.yahoo.com/e/041109/flyi10-q.html
Somewhere in there is ACA's analysis of the 328 leases and how it affects their finances (current and future)...
It's really boring reading....
http://biz.yahoo.com/e/041109/flyi10-q.html
Somewhere in there is ACA's analysis of the 328 leases and how it affects their finances (current and future)...
It's really boring reading....
WillFlyFoCookie
On Wisconsin
- Joined
- Jun 23, 2004
- Posts
- 104
Classes cancelled once again for now
Well this shouldn't be anything new considering we went through it a once before already. Like previously said the "new" date to fly 328s for Delta is May 1st. On the good side it is possible that we'd begin flying more than the orginal 10 that we were going to start on March 1st. Maybe 20 328s for May 1st. Just speculation out there. The really unfortunate thing is the 20 or so new hires in class the last couple of weeks on the Beech are now furloughed for the time being. Hopefully they'll be back in January or something like that. I'm sure they'll be looking for other jobs in the mean time.
The word is that the big sticking point is FlyI and they're financial situation. A potential bankrupcy by FlyI would make the transition of the planes and various other 328 resources (like parts) a real problem. It's quite interesting when you think about the fact that ACA becoming FlyI is what raised the need for the potential Delta/Skyway deal in the first place and now it's FlyI's potential failure that could sink the deal.
Continue to hope for the best and man your post is our mission. The Skyway crew should be really good at that by now.
Well this shouldn't be anything new considering we went through it a once before already. Like previously said the "new" date to fly 328s for Delta is May 1st. On the good side it is possible that we'd begin flying more than the orginal 10 that we were going to start on March 1st. Maybe 20 328s for May 1st. Just speculation out there. The really unfortunate thing is the 20 or so new hires in class the last couple of weeks on the Beech are now furloughed for the time being. Hopefully they'll be back in January or something like that. I'm sure they'll be looking for other jobs in the mean time.
The word is that the big sticking point is FlyI and they're financial situation. A potential bankrupcy by FlyI would make the transition of the planes and various other 328 resources (like parts) a real problem. It's quite interesting when you think about the fact that ACA becoming FlyI is what raised the need for the potential Delta/Skyway deal in the first place and now it's FlyI's potential failure that could sink the deal.
Continue to hope for the best and man your post is our mission. The Skyway crew should be really good at that by now.
brew3departure
Da Bears...Bears...Bears
- Joined
- Nov 26, 2001
- Posts
- 145
Best of luck to all...
Unfortunately, this seems to be old hat for SYX. I was there for a few furloughs, and they really didn't ever seem to have figured out the difference between "overstaffed" and "everyone getting JA'd every day and cancelling flights" -- that, probably more than anything else, was the most frustrating part of it.
This just shows what happens when everyone believes the hype...if I had a nickel for every time I heard "Oh, don't worry - don't go anywhere else, things are going to get GREAT here" or "It'll be a short furlough" or "We want to make SURE that when we bring you back, it'll be for good!" Or "Don't worry son, everyone you know at this company will be a captain when we get the ______ deal" ... you can substitute Frontier, Jetblue, some other really unlikely candidates in that blank space.
You guys really, really deserve some good news that isn't based on massive attrition. Hang in there, but in the mean time, all those furloughed folks, this has happened before several times and if something better comes along, I'd take it in a heartbeat. On a totally different subject -- are the pay rates on the beech still $17.57/hr? I would guess not if someone got yelled at for saying $19/hr.
Good luck,
-brew3
Unfortunately, this seems to be old hat for SYX. I was there for a few furloughs, and they really didn't ever seem to have figured out the difference between "overstaffed" and "everyone getting JA'd every day and cancelling flights" -- that, probably more than anything else, was the most frustrating part of it.
This just shows what happens when everyone believes the hype...if I had a nickel for every time I heard "Oh, don't worry - don't go anywhere else, things are going to get GREAT here" or "It'll be a short furlough" or "We want to make SURE that when we bring you back, it'll be for good!" Or "Don't worry son, everyone you know at this company will be a captain when we get the ______ deal" ... you can substitute Frontier, Jetblue, some other really unlikely candidates in that blank space.
You guys really, really deserve some good news that isn't based on massive attrition. Hang in there, but in the mean time, all those furloughed folks, this has happened before several times and if something better comes along, I'd take it in a heartbeat. On a totally different subject -- are the pay rates on the beech still $17.57/hr? I would guess not if someone got yelled at for saying $19/hr.
Good luck,
-brew3
Fallingbrick
Well-known member
- Joined
- Sep 23, 2003
- Posts
- 94
Actually the 1900 class of 20 that started in October is not furloughed (yet). I saw them in the HQ parking lot doing their fire training today. The Jet FO class that was supposed to start on the 15th has been postponed. There is no news on when training will begin again. One would assume that the current 1900 FO class will not be going to the sim until more information is available. I am looking forward to March 05 when they will tell us that the Delta deal is now pushed back to August. Until then I guess we’ll just sit around fat, dumb (very), and slightly unhappy. We have been so focused on flying 328s that we don’t have that there seems to be little talk about the major financial problems that Midwest is having. Delta jets or no Delta jets, our parent company bleeding this much cash concerns me more. See you all at the landmark,..Cheers!!!
Dirty Sanchez
Well-known member
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- Mar 16, 2004
- Posts
- 446
Fallingbrick
Well-known member
- Joined
- Sep 23, 2003
- Posts
- 94
So one would surmise that instead of treating them as real employees, we are going to treat them like trash. Why not let them continue with cockpit training, complete their orals, and let them sit a few months before they go to the sim? We did this for summer jet new hires. Instead we will let them take a test, not pay them even base for a little while (about $1400 per month pretax), and leave them without insurance. Then when we think this deal is finally in order, we expect them to remember everything when (if) they are recalled in 2-3 months. Time for your oral!!! That sucks. I hope none of them relocated. We can (and will continue to) pay other crews to sit around because there is not enough flying , but not give the same treatment to these number holding pilots as the rest of us? If the Delta deal is this tenuous, I expect more turmoil to follow. Happy holidays folks!
greenpickle
Junior Mint Member
- Joined
- Dec 4, 2003
- Posts
- 157
Falling Brick, amazing. You got it all figured out. You cant tell but I started typing a reply to all your statements. I erased it and quit because it was quite an endeavor and I am to tired and to "displaced" from training to show you the light. And anyways, you seem to have it all figured out.Fallingbrick said:
GP
Fallingbrick
Well-known member
- Joined
- Sep 23, 2003
- Posts
- 94
Sorry you are displaced (most likely not the first time). I'm just sick of the company BS for the last few months. Surely I don't have all the answers, but my beef is the company has none. Sick of waiting for the next big deal or the new jet type in our fleet. Certainly there are those in this company who have suffered more than others, but that doesn’t change the fact that it sucks what they did to those new hires. When ever you get the energy, I’d be happy to "see the light".
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