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Thread: This is how Bankruptcy begins...

  1. #21
    Registered User ardvark's Avatar
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    Could be

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    Registered User NoOtPilot's Avatar
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    Quote Originally Posted by Meatloaf View Post
    I was just told this is the 76 reduction only. It is being drawn down over three years.
    Not the only reduction that has been drawn.

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    Quote Originally Posted by NoOtPilot View Post
    Not the only reduction that has been drawn.
    Correct 80 and 190 also. But according the SEC filing, the fleet stable and growing over the next 3 years

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    Quote Originally Posted by Meatloaf View Post
    Correct 80 and 190 also. But according the SEC filing, the fleet stable and growing over the next 3 years
    According to AAG's latest 8-K filed 10/25/2018, the AA fleet is actually slated to decrease by 2 from 957-955 from end of this year through to the end of 2020 or a very slight reduction. Still fairly stable, but not growing. AA's regional fleet is slated to increase by 13 during the same period, so that's the part that's growing. Good for ardvarks job security, but HUGE changes are possible between now and then, so impossible to predict. If job security was the most important, I'd put cash on ard's employment vs. the very bottom of the AA list over that 2-year window. Not to say one thing or the other, just from an odds/risk standpoint.

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    Registered User NoOtPilot's Avatar
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    Quote Originally Posted by Meatloaf View Post
    Correct 80 and 190 also. But according the SEC filing, the fleet stable and growing over the next 3 years
    100% agreed, over the next 3 years.

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    Quote Originally Posted by NoOtPilot View Post
    100% agreed, over the next 3 years.
    The 8-K that looks beyond 2020 might be interesting. Curious to see what info is or isn't in that one.

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    Registered User NoOtPilot's Avatar
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    Quote Originally Posted by Beagleboy View Post
    The 8-K that looks beyond 2020 might be interesting. Curious to see what info is or isn't in that one.
    100% agreed.🤔 “or isn’t in that one.”
    ⏳⏳⏳

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    Registered User NoOtPilot's Avatar
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    Quote Originally Posted by NoOtPilot View Post
    For those that didn’t have the privilege to go thru this process...
    This is how it all begins...right before Christmas.

    American Airlines filed for bankruptcy protection to cut labor costs in the face of high fuel prices, capping a prolonged descent for what was once the largest U.S. carrier.

    American Airlines, also filed for bankruptcy and replaced its chief executive.
    The company, has been mired for years in fruitless union negotiations...

    November 29, 2011 / 7:54pm / 7 YEARS AGO
    Wonder if the playbook still the same 9 years later?
    Last edited by NoOtPilot; 05-19-2020 at 12:10 AM.

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    From Aug 24 Forbes Article. More positive outlook.

    https://www.forbes.com/sites/tedreed.../#408d15405b7e


    American debt totals about $34 billion, compared with $23 billion at Delta and United. Of American’s debt, about $24.4 billion is for aircraft, including about $12 billion for enhanced equipment trust certificates, known as EETCs, debt instruments once used to finance railroad box cars. Those lenders are protected in bankruptcy.

    The remaining aircraft debt, theoretically, could be subject to a negotiation that begins: “Take my older aircraft. Please.” The reality is that no one wants to take aircraft from American, because almost no one has more capability than American to utilize aircraft.

    In the past, airlines have used bankruptcy to escape expensive labor contracts. But for now, airline industry contracts are by and large equivalent. Moreover, one surprising and little noticed development during the coronavirus crisis is that labor relations at American have been less contentious than at peers.


    America West Airlines management – including Derek Kerr, Scott Kirby and Doug Parker – used the bankruptcy process to lead the final round of airline industry consolidation, taking over US Airways in 2005, mounting a flawed but instructive bid to take over Delta in 2006, and taking over American in 2013.

    The point here is that few people in the world know more about bankruptcy than Kerr and Parker and this time they want to avoid it.

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