The latest nail in Evergreen's coffin

[Hotstarter]

The latest nail for Evergreen... a memo today from owner Del Smith stating that now matching contributions from the company to employee 401k's will now no longer be made.

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"Given the current financial circumstances of Evergreen it has been decided that the Evergreen 401(k) match will not be made moving forward.

There is a provision in the plan that allows Evergreen to forgo the match in times of need and this is one of those times. This difficult decision is not taken lightly and was made to help insure the future of Evergreen. Evergreen’s future holds many opportunities and this action will assist in allowing us to take full advantage of the opportunities in front of us.

The plan is intact and all funds in the plan and all vested amounts are yours to invest, based on your individual risk tolerance and will not be impacted by this decision.

I am proud of what we have accomplished, which we could not have done without the collective sacrifice and dedication of all Evergreen employees"

 

[GG747]

Great group of fun pilots at the zone. The pilots have done what we can to keep the operation moving. Soft landings my friends.

 

[propsarebest]

WOW!! I can hear SH saying that right now. Good luck to all of my fellow zoners.

 

[spitfire1500]

Are there still guys there that have years of banked vacation?? I remember a few that had pretty much a few years that the company owed them....

 

[Hotstarter]

Yeah, Spitfire. Crazy. They could lose all that if the company tanks. I'm guessing a lot of the FE's got paid when they parked the last classic, though.

 

[Freight Dawg]

Is there ever been a time where Evergreen wasn't going out of business or in financial dire straits?

 

[Hotstarter]

Never during a contract negotiation.... which is most of the time.

 

[GG747]

Is there ever been a time where Evergreen wasn't going out of business or in financial dire straits?

The classic line of management. However we are down to 3 airplanes, paychecks are late, 401K match stopped, employee 401K deposits are a month plus late, training center is not paid, hotels are not paid and so on. It has never been this bad and the future is in question.

 

[B747FR8DAWG]

Has the company parked all the Classics yet? What's the fleet size now?

 

[Zoneload]

The 401K memo is from a year ago for everyone but the pilots. This time they sent it out to the pilots also. Its the same memo they just changed the date on it and sent it to a few more people.