And it could get worse.
Most of the $2.2B in cash is tied up in fuel hedge contracts. Just think what will happen if oil continues to fall, and more write downs occur, + they are going to have to sell those positions at a loss to gain liquidity.
We'll see how loyal all the takers are if the company rolls over in the next year or so.
imp:
what was that you were saying.
"Although today's challenges are unprecedented, we are well-prepared and committed to achieving our long-term financial targets and preserving our financial strength. Our unrestricted cash and short-term investment balance was $2.2 billion as of yesterday, including $1.1 billion in fuel derivative collateral deposits. Although our liquidity is healthy, we have made the prudent decision in today's unstable financial markets to access $400 million in additional cash through our bank revolving credit facility leaving $200 million still available. We remain financially conservative and well-prepared with our strong balance sheet and modest debt levels."
I am by no means justifying our loss. Like GUP said if you give s%!t you have to be able to take it.