Pilots Turn Down 30% Increase over Five Years And A $3,000 Signing Bonus Per Pilot At

[BoilerUP]

As long as they don't declare BK (which is much harder these days than in 2005) Spirit still has to make payments on those airplanes, regardless if they're flying or idled...

 

[DieselDragRacer]

As long as they don't declare BK (which is much harder these days than in 2005) Spirit still has to make payments on those airplanes, regardless if they're flying or idled...

I know its apples and oranges but you don't need to file BK to have the next 3 or 4 months of your home or commercial mortgage or car loan put on the back end of your mortgage/loan if you've hit a financial hard spot such as a short term layoff.

Is there's a law or something contractually that says Spirit can't call the finance company and say obviously we aren't making money at the moment but we intend to resolve this issue within 3 months, so can we put the next 3 months of payments on the back of our lease(s)?

 

[crash312]

Is there's a law or something contractually that says Spirit can't call the finance company and say obviously we aren't making money at the moment but we intend to resolve this issue within 3 months, so can we put the next 3 months of payments on the back of our lease(s)?

There is no law against asking....however...think about it from a leasing company's perspective. The leasing company would have to be pretty confident that Spirit could get it's operation up and running in 3 months otherwise it goes to bankruptcy (reorg or liquidate) and not only do you have to deal with that but you also didn't get paid the last three months either.
Or...you take your money NOW while the airplanes aren't flying (the company is still solvent) and it adds pressure on the company to resolve things, thus assuring your lease payments keep coming in the future.

Remember, the CEO told everybody that the airline would keep operating during a strike...that lasted one roundtrip. If you had a financial stake would you believe him next time?

I know if I held the lease I would want this strike over quick. Do I want to gamble that this guy can 1) find enough guys to cross, 2)train them fast enough and 3) put paying people in seats after a 3 month shutdown and with 400+ angry pilots yelling at them when they arrive at the airport? Of course they will be yelling "your new pilots have 10 hours in the airplane and are unsafe".

 

[OldManPilot]

Hang in there guys! Fight the good fight. I have donated buddy passes to you if needed.