2nd Bankruptcuy Consideration

[V1]

US Air not ruling out 2nd bankruptcy

 

[bobcat]

Same old song and dance. Here we go with the threats again as concessions are being discussed. Sounds familiar doesn't it? As others have said same old story different face. When will it end?

 

[aerosmith]

BK is about the only way U is going to wring anything out of the IAM. I say bring it on with there bad ### threats! :down:

 

[oldiebutgoody]

Second verse, same as the first....(in the words of Herman's Hermits)
Man, I am old!

 

[Woodbird]

Gee...what a surprise. I think at this point we're supposed to say, "Oh no! Not bankruptcy!" That threat has lost it's power for me. Been there, done that...


Edited to add: This game is getting very, very old.

 

[USA320Pilot]

If US Airways is unable to restructure then the company will execute a pre-packaged bankruptcy. The intent would be to S.1113 labor contracts and adjust facility and EETC lease agreements.

That is likely why David Bronner said the restructuring will go forward "with or without employees."


Regards,

USA320Pilot

 

[bobcat]

aerosmith

Sorry I beat you to the punchline. "Same old song and dance...my friend" (in the words of Aerosmith).

 

[funguy2]

You guys may be right about the suspicious timing... It seems to me that talking publicly about bankruptcy going into the Summer, when cash on hand tends to be high would be a bit premature... I would have thought this BK talk would have started in late July or August, when future bookings (and cash in-flow) start to dry up due to the reduced seasonal demand of Sept-early Nov.

 

[bobcat]

Come on funguy2...what better way to bully and frighten employees into submission?! They have used these tactics before and they worked so what else would we expect from our illustrious mangagement. They just might be in for a surprise this time.

 

[High Iron]

Second verse, same as the first....(in the words of Herman's Hermits)
Man, I am old!

I thought it was the Ramones..............

I guess there really WAS a plan B after all.

 

[V1]

1- Ask for concessions
2- Threaten bankruptcy
3- Get concessions
4- File bankruptcy
5- Force more concessions
6- Not honor contracts
7- Lets not live in the past
8- Trust us this is now. Its different.
Ok I'm confused is this now or am I living in the past, or am I in the future?
They tell me don't live in the past. But should I not learn from it?

 

[repeet]

Let me echo aerosmith's comments

Bankruptcy chapter S.1113 is the only way the company is going to get ANYTHING out of the mechanics!

 

[ClueByFour]

If US Airways is unable to restructure then the company will execute a pre-packaged bankruptcy. The intent would be to S.1113 labor contracts and adjust facility and EETC lease agreements.

That is likely why David Bronner said the restructuring will go forward "with or without employees."

You are aware, of course, about what needs to happen to get a 1113 motion granted?

Moreover, you are also aware that the intent of the law is to keep exactly what you describe from happening?

I'm not trying to stir up flames with this, but the section of bankrupty code in question was changed specifically to keep an employer from doing what Frank Lorenzo did.

By threatening to do it (file with the intent of contract abrogation) now, the company will not be able to meet the burden of negotiation in good faith necessary to have the motion itself granted. And even if it is, there is the self-help problem--You won't find enough mechanics willing to cross picket lines. Game over (and that assumes that the AFA does not do the same thing).

Finally, did US (and observers who continually coin the term) learn nothing from the first "pre-packaged" or "fast-track" bankruptcy?

 

[nycbusdriver]

1- Ask for concessions
2- Threaten bankruptcy
3- Get concessions
4- File bankruptcy
5- Force more concessions
6- Not honor contracts
7- Lets not live in the past
8- Trust us this is now. Its different.
Ok I'm confused is this now or am I living in the past, or am I in the future?
They tell me don't live in the past. But should I not learn from it?

V1 -

You got it almost right, but you missed the last step:

9. Go to Step 1.

 

[usramperTPA]

Gee, this couldn't possibly have anything to do with S&P downgrading our credit rating again and putting us in default on most of our financing. It must be management just giving it to us hard again!!!!!!!!!!!!!!!