Once again Judge Mitchell has agreed to a company request and the airline continues to bat 1,000 in bankruptcy court.
What I find interesting is that Judge Mitchell continued the hearing to September 23.
September 23 is the same date that two other events occur. This is the date that the TPG agreement to be the preferred investor and the DOT 30-day code share review extension expire. The date is also three days before the court will decide whether or not to approve the TPG, CSFB, & BOA DIP financing agreement or entertain other offers. Coincidental?
It appears the opportunity for voluntary or court-ordered restructuring agreements will be decided one way or another shortly.
In addition, something else to consider is the CLT Observer report that Marvin Davis & Jonathan Ornstein made a DIP financing proposal to US and John Lutz of the Seabury Group told the DCA Post other offers are expected (that in my opinion could be unfriendly from people like Carl Icahn).