Midway Air made a million - in a month!!

[JI Guy]

WOW! Quite impressive in this day and age...Bankrupt Bob is trying to shake his reputation here...Anyone know of future plans regarding JI?

 

[Ch. 12]

This would be good news but when you factor in the fact that JI is not paying millions of dollars in administrative expenses, claims, and other exemptions from BK, they are still losing. It was also interesting to see that they are currently working to secure a loan from Beta Capital despite their reports last month that they had already secured the loan. That false news helped them avoid a hearing that was scheduled in may to convert the BK to chapter 7. I''m not going to get too excited from their press "leaks" until they actually come up with a full plan to come out of BK.

 

[Ch. 12]

Midway''s June Report is out and they are back to reporting a $297k loss for the month. It''s also interesting that they are still only in discussions with Beta Capital regarding the "financing" deal that sounded definite two months ago when JI used it as the crutch to escape their Ch.7 hearing. I am amazed that they have been able to limp along this long. An airline would be smart to hire JI''s BK lawyers whenever entering Ch. 11 because they have been excellent at allowing a loss-generating (even with guaranteed revenue contracts) operation to continue to operate for two years now.