UAL chapter 11

[sydeseet]

They aren't looking for a buyer for Avolar, just another investor. "Risk sharing" is a standard way to fund an undertaking like Avolar. Let's all remember that there is hardly a major airline flying that hasn't been on the brink of Chapter 11 before. They will get through it, but a 37% raise on behalf of the mechanics is probably not a step towards recovery. Raises period are out of the question for any of us, I just want my job back.............

 

[TurboS7]

All I have done is repeat facts that were presented on another board. There were also many rumors from employee's posted etc. I did not repeat that, I was just asking if anyone else had any more information. Thanks for your input.

 

[dashtrasher]

So what was the other board were you got your "facts"

 

[1900laker]

Hey sydeseet,

Raises period are out of the question for any of us, I just want my job back.............

Shhhhhhh dude. Careful how you say that. You are being recalled, and from all the inside info, we aren't doing that bad. That's why they couldn't justify keeping that pay cut around for more than 2 months. So it kind of depends on the situation of your company and whether you are making money. I would agree however that many of the majors are in financial trouble, so a big pay raise SEEMS to be out of the question for any of their labor groups right now. But Mgmt has a way of making their bottom lines look bad around contract time anyway. Delta was famous for showing a loss on paper when in truth, they were making record profits quarter after quarter. They were taking the profit and expanding the airline, calling this a restructuring expense. I find it strange too, that companies are not divulging just how much help they got from the Gov't. (ours included). You should have seen the CFO explaining the scenario in such a way as to completely leave out any shred of evidence as to how much we got other than to tell us that we did get some. It reminds me again why I wanted to be a pilot and not a pencil pusher.

 

[A1FlyBoy]

UAL

Consider the source of information, especially from message boards. While this may be the finest board I've found to date, things written from those not in the know may have some basis, but are usually unfounded. UAL is NOT going to file Chapter 11 and will make it through these turbulent times. Support UAL and buy some stock or write them for an Annual Report and keep up with the WSJ, NY Times, and Chicago Tribune.

 

[MartinFierro]

I have no clue about the validity of UAL filing chapter 11 or what not. I personally find it hard to believe UAL is in that serious trouble. But, at the same time, back in the day, who would have ever thought that there would be no more Pan Am or Eastern? How things change....

 

[SaifAir]

I read in the Wall Street Journal that they had enough cash until mid March.

Who Knows until it happens.....

 

[flydog]

If you take a look at the latest SEC findings you will see...

UAL has assets of 5.6 billion + inventory of 300 million for a grand total of about 6 billion in assets

They have debt of 8.3 billion. This is about 2.3 billion in the hole

As far as cash on hand it is close to 300 million and they are losing 2.3 million per day. This is about 4 months of working capital

Obviously short of turning a profit the only way to continue to operate is to borrow more money

 

[MsFan]

Yeah, but would you loan them money right now? I wish them luck because UAL going down would be bad for all of us. But they seem to be running out of aces pretty quick.

 

[TacoTurbine]

UAL

According to "Union Sources", from the mouth of Jack Creighton:

IF the mechanics strike: Chapter 11

IF concessions cannot be worked out: Chapter 11

IF revenues do not continue to improve: Chapter 11

Apparently it was presented in a non-threatening, matter-of-fact way.

But look, Chapter 11 is "reorganization" and many airlines have emerged from this before. Ugly yes, but not the end of the road. I personally think it won't come to that; but it absolutely could.

Keeping the faith,

Taco