Ch. 11

[Headhunter]

The cost savings from any concessions are not going to be realized quickly enough to avoid a second filing. UAIR will probably file at the end of next week.
Suppliers, creditors, and pension funds are already sticking firm to payments due; they're even demanding monies upfront as if UAIR were already in Ch. 11 again. My source is a client at a major supplier to US Airways who, if he pulls his business, will cause flights to cancel.
It is Ch. 11 again, full steam ahead.

 

[700UW]

US cannot file a voluntary petition, the creditors would have to file an involuntary petition and a trustee would be appointed to run the company and DIP financing would have to be arranged or US would go out of business.

 

[USA320Pilot]

Every ALPA financial, legal, and economic advisor told the MEC yesterday in "open session" that they believe US Airways will file for Chapter 11 next week and from this observer's perch it appears the ATSB is onboard with management.

According to the advisor's, any union without a new collective bargaining agreement will get "steam rolled" and regardless of what happens, both IAM units are squarely in the "cross hairs". Here comes the "pain".

According to Bertrand Russell, "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

Respectfully,

USA320Pilot

 

[700UW]

blah blah blah.

A feeble attempt at fear.

How can one live with themselves when they reek of fear.

 

[cavalier]

Every ALPA financial, legal, and economic advisor told the MEC yesterday in "open session" that they believe US Airways will file for Chapter 11 next week and from this observer's perch it appears the ATSB is onboard with management.

According to the advisor's, any union without a new collective bargaining agreement will get "steam rolled" and regardless of what happens, both IAM units are squarely in the "cross hairs". Here comes the "pain".

According to Bertrand Russell, "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

Respectfully,

USA320Pilot

[post="175020"][/post]​

Like I read on another internet site. If the mechanics stand firm and don’t bend over, anyone who thinks U will go forward without the IAM is a fool, it will be Eastern all over again. This I firmly believe, because they will not circumvent the IAM and have a company left thumbing their nose, it won't happen.

 

[funguy2]

Every ALPA financial, legal, and economic advisor told the MEC yesterday in "open session" that they believe US Airways will file for Chapter 11 next week and from this observer's perch it appears the ATSB is onboard with management.

Why would the ATSB disagree? The chairman of the company (i.e. the CEO's boss) has already essentially publicly announced that there is a high likelihood that the company will be liquidated and ATSB-backed loan gets repayed first. While its a horrendous outcome for the employees, past and present, it would be considered a success in the financial world:

Make loan, collect interest, collect principle, count profit.

 

[USA320Pilot]

The company is making plans to forward without the mechanics who have refused to participate in the new business plan. The IAM has given the company no other option and their "painful experience" could begin with pension payment defaults, emergency S.1113 court orders that could take days to set aside the CBA, and closure/transfer of both the Pittsburgh and Charlotte maintenance facilities to Alabama if the Airbus arbitration is lost.

In regard to a liquidation, ALPA's financial advisors told the MEC yesterday in "open session" that for most companies the pieces are greater than the whole, but that's not the case with US Airways.

As an operating concern for its principal owner, the advisors told the MEC that a viable business enterprise is more valuable to RSA, but that in bankruptcy RSA could recover most of its investment by liquidating the company.

Oh well, it's just a job...

Respectfully,

USA320Pilot

 

[EyeInTheSky]

Full pay to the last day.

 

[funguy2]

In regard to a liquidation, ALPA's financial advisors told the MEC yesterday in "open session" that for most companies the pieces are greater than the whole, but that's not the case with US Airways.

In my opinion, ALPA is wrong on this one...

US Airways assets, many of which are collateral for previous loans, are very valuable to other companies... The LGA slots, LGA terminal, relatively new common Airbus fleet, DCA slots, BOS terminal, ERJ-170/190 and CRJ-700/900 delivery positions could all be very valuable to the right deep pockets...

Certainly these items, separated and sold to the highest bidder, will fetch more than the $240mil RSA investment. Since the ATSB-backed loans can be paid from cash on hand in the event of liquidation next week, that means that RSA, next in line, can probably begin re-couping some of their losses... More than if they continue to let this company spiral out of control.

 

[Dea Certe]

Why would the ATSB disagree? The chairman of the company (i.e. the CEO's boss) has already essentially publicly announced that there is a high likelihood that the company will be liquidated and ATSB-backed loan gets repayed first. While its a horrendous outcome for the employees, past and present, it would be considered a success in the financial world:

Make loan, collect interest, collect principle, count profit.

[post="175082"][/post]​

Exactly! So what is this "negotiating" all about? It's about being able to blame labor for the many failures, short-comings and flat-out poor management.

Like I've said before, no union on this property controls the fate of US Airways. Concessions just ain't gonna do it. Years after the fact, in some court some where, we might be able to prove "bad faith" and while that will be a good day, it's not going to matter in the short run.

US Airways is becoming a cautionary tale. As painful as it is to have a front row seat to it all, maybe some of us will write books, sell a few articles here or there. The most important thing we can accomplish at this point, is to keep careful notes. We might get some laws changed, we might be able to remove a few of the "players" from our industry for good. In my wilder thoughts, we might just change the way Corporate America does business.

Dea

 

[NeedForSpeedNFS]

This gun to the head bull**** is all such OLD news!!!! #### it !!!!!! Get it over with and FILE CHAPTER11, or 7. What the hell does it matter for anyway?? Just so we can all say........."at least we have a job"?? Not me! I'm done with this dump!! After all is said and done, If you people have a job to go to, it wont even be worth it, what?? your afraid to give up your 15-20 years? THATS FEAR!!!! FULL PAY TILL THE LAST DAY!!! (Mine may be sooner) Usairways, Go #### yourself!!!! Off to the cornfield I go Later! GOOD DAY!!!!!!!

 

[bobcat]

NeedForSpeedNFS

You just spoke for many! The Cornfield won't be so bad. It was well worth it!

 

[delldude]

ever meet my mommy?

 

[Headhunter]

Every ALPA financial, legal, and economic advisor told the MEC yesterday in "open session" that they believe US Airways will file for Chapter 11 next week

[post="175020"][/post]​

This is true. The way the press has been portraying the story - that the pilots and management are trying to avert another filing by rushing against the clock - that's not the case. Concessions or no concessions, the company is filing next week. Suppliers, such as my client, have already caught wind of this expected filing and are enforcing contract terms and requesting payment upfront.

 

[hp_fa]

Divert a lot of planes to PBI fast and let the insurance payoff.