UAIR cash down $200M in last 30 days

[lowecur]

Amazing. It's a good thing that Air Whiskey stepped to the plate when they did. Cash at the end of 12/31/04 was $738M, and it's $543M on 1/31/05. That will obviously keep the cash where the ATSB needs it. 3/15 is the drop dead date on the reorganization. We shall see on that date if UAIR has a future sugardaddy. If no sugardaddy is found, that could be the end of the line, as their "new" plan is obviously not working. The recent purchase of the Chicago Express Cert could mean Richard Branson will not be a player.

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000701345%2D05%2D000010%2Etxt&FilePath=%5C2005%5C02%5C28%5C&CoName=US+AIRWAYS+GROUP+INC&FormType=8%2DK&RcvdDate=2%2F28%2F2005&pdf=


http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125%2D05%2D038926%2Etxt&FilePath=%5C2005%5C03%5C01%5C&CoName=US+AIRWAYS+GROUP+INC&FormType=10%2DK&RcvdDate=3%2F1%2F2005&pdf=

 

[Falcon Jet 1]

Bring me up to speed on the Chicago Express Cert? What does that have to do with Branson?

 

[BuckO]

3/15 is the drop dead date on the reorganization.QUOTE]


...yeh right. Drop dead #50!!!...and counting

 

[FlyBoeingJets]

Lowecur,

Trying to make sense of the SEC filings but I can't.

$877 mil in reorg gains
$134 mil operating loss

$200 mil less in cash.

Did USAir basically get $877 mil in reorg gains for $200 mil in cash? Looks like BK lawyers are slowly taking cash away from USAir as they renegotiate agreements. And GE capitol is providing cash/postponing payments as they get more USAir equity (at least first rights to assets) and keep USAir paying on leased equipment.

Nowadays the best way to make money in America is to feed on BK'd companies.

 

[lowecur]

Lowecur,

Trying to make sense of the SEC filings but I can't.

$877 mil in reorg gains
$134 mil operating loss

$200 mil less in cash.

Did USAir basically get $877 mil in reorg gains for $200 mil in cash? Looks like BK lawyers are slowly taking cash away from USAir as they renegotiate agreements. And GE capitol is providing cash/postponing payments as they get more USAir equity (at least first rights to assets) and keep USAir paying on leased equipment.

Nowadays the best way to make money in America is to feed on BK'd companies.

It's hard to make heads or tails unless you are an accountant, but I'm sure some of that is lawyers. I know the ATSB is 1st in line for assets and supposedly Air Wisconsin is second per the recent filing. I believe the claim that GECAS has would be their leased a/c only.

The red flag raised is the cash burn rate in January of $4.5M per day. Much has to do with oil expense, but the Xmas fiasco and SWA surely have to take some responsibility on the revenue side.

The recent return of 11 733s is also disconcerting and the cut back in flts at FLL. The 733s were originally supposed to be returned from 2006 to 2007 in the GECAS deal. If you see a white knight step to the plate on 3/15/05, you just may see the scalpel cut the network in half and give GECAS back their leased a/c.

 

[NuGuy]

Lowecur,

Trying to make sense of the SEC filings but I can't.

$877 mil in reorg gains
$134 mil operating loss

$200 mil less in cash.

Did USAir basically get $877 mil in reorg gains for $200 mil in cash? Looks like BK lawyers are slowly taking cash away from USAir as they renegotiate agreements. And GE capitol is providing cash/postponing payments as they get more USAir equity (at least first rights to assets) and keep USAir paying on leased equipment.

Nowadays the best way to make money in America is to feed on BK'd companies.

Boeing,

The "gain" they got was from the write-off of liability from the employee pensions, which were all terminated. Apparently you can take the "gains" over time, or all at once. The $700 mill plus is not real money, just a decrease in liability, and most of that wasn't even due until far in the future.

If you look at the revenue (down) and the operating loss (way, way up), it looks bad. Oil is north of $50 and the NE is getting slamed by WX this year.

Still, you don't see any signs of Braniff style shutdowns in progress. But, if one day you wake up to find that none of the international flights are leaving to go overseas, but the ones comming back are, you know the end is near.

Nu