Those three factors, pension, labor and fuel prices, will likely be the major consideration as they come up to Oct. 17.
More Quotes from Philip Baggaley:
Northwest has been losing a fair amount of money for a while now. I expect they feel they need to move forward quickly on these cost savings given where fuel prices are and going into the weak winter season.Philip Baggaley
The recent surge in fuel prices and Delta's disclosure that it will have to post 750 million dollars of cash collateral to extend its credit card processing agreement indicate that the airline's already slim chances of avoiding bankruptcy are dwindling rapidly.
Philip Baggaley
In addition, such an outcome would encourage other employee groups to join unions to improve their bargaining position in future contract talks.
Philip Baggaley
An airline doesn't wait till it's down to its last dollar to file, ... It'll be difficult to keep dragging it out. Without new financing, from a purely cash perspective, they are already in trouble to be assured they can reorganize in bankruptcy.
Philip Baggaley
I think it's entirely possible they'll use the grace period (on the bonds) if they haven't heard from the ATSB by Monday, ... However (the end of the grace period on) Dec. 16 may be more of a make or break deadline.
Philip Baggaley
During the recent downturn, the legacy carriers have gradually used up their financial cushion of aircraft and other assets they can borrow against. If they are forced to face a new crisis, they may fail more quickly than they have in the past.
Philip Baggaley
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