Itrade, your comment is accurate. The $250,000 to $270,000 B-737 monthly lease payments were negotiated in the 80's by both Piedmont Airlines & USAir. The rates were not excessive at the time and were market rate based on rates established by the FOMC during this timeframe.
One of the primary drivers to seek a formal reorganization was the ability to walk away from aircraft leases for aircraft not in the inventory on day 1 and active aircraft after 60-days.
As previously reported in a Chip's Corner, German banking firm KFW and the State of Alabama Retirement Fund where unwilling to provide a voluntary lease payment restructuring. By filing for Chapter 11, US has used the bankruptcy code to remove excess aircraft, eliminate over $600 million in long-term debt, and lower its unit costs.
This plan is critical to become competitive, is required to obtain the loan guarantee (lessor concessions), and is an advantage for US over the competition, which does not seek formal protection. I also understand there are used B-767s, B-737s, and A-320s available and one US option is to return high lease expense aircraft from the lessor and replace the current aircraft with used equipment at favorable lease payments.
Meanwhile, the company continues to work on the fleet plan and is evaluating how to rationalize the fleet. One option is to return the A-330s through the 60-day bankruptcy code section and replace these aircraft with B-767-300ERs available from Asiana, BA whose equipment is parked in the dessert, or the former TWA jets being returned by AMR.
Quit fran**y, it appears UA is mimicking the US reorganization and may elect to file for the ability to restructure aircraft leases inside of court protection as well as eliminate ***bersome union governance issues.
Chip