Federal Bailout $$ Billions, for the Airlines, with 'Conditions' ?

[Kev3188]

What did they offer to sweeten the pot Kev.

My wife signed up for 3 months. My understanding is she would receive 25 percent pay and that the company would not contest unemployment claims. Did they offer something further?

If you take a leave, they are now covering any premiums for any of your health benefits (medical, dental, vision, Life insurance(s), and LTD & STD). Previously, they were only going to pause your premiums, with the employee having to catch those up when they came back on the property.

STD and LTD coverage will now stay in effect, even with the longer length leaves.

People taking leave will still accrue Paid Personal Time (what we use for sick days or Day-at-a-time vacation days).

All time away will still count towards any FMLA eligibilty.

https://www.airlineratings.com/news/incredible-videos-grounded-planes-around-world/

Oof.

 

[Kev3188]

Bulk rate postage offsets the costs of other levels of service. That's why you can still send a letter to literally any address in the US for .55. Try doing that with FX or UPS.

 

[CremaDiLimone]

Wow, this is what I get for taking off the weekend...








You really have your head in the sand. Or somewhere else dark.

yeah, thank Christ you came back to straighten out this blog.

There are indeed scenarios. I've already talked about corporate culture and how willing employees will be to "pull together win together"... That directly translates into which banks will be willing to loan money or restructure debt.

right. esprit de corps of the workforce. banks.

really? the govt. is measuring the esprit de corps of the airline employees and will decide based on esprit de corps who qualifies for money to get through this?

i'm talking the govt., not banks, because it's govt. and airlines that turned towards each other to get past this.

the legacy 3 do have esprit de corps. it's at the top executive levels and union executive levels. they have decided to band together to try and haggle/negotiate the treasury dept.'s terms of 30% of the payroll grants getting paid back over 5 years.

the govt. didn't care about debt levels, business plans or esprit de corps of the work forces.

the govt. cared to the tune of $50 billion about the immediate futures of the commercial airline industry. that overrode any 'no' from any bank that didn't like any individual airline's 'business plan' or debt.

that is what all this is about.

as i write this, i guess wall street didn't read your post yet because aa and other airlines are up over 6% today.

 

[CremaDiLimone]

We will never lose money again. Based on that it's very doable.

based on what the treasury dept. has proposed: $375 million a year over 5 years is doable. it's dividend payments and the old profit sharing formula, combined.

what is the alternative?

 

[CremaDiLimone]

Hit the nail on the head. I personally wont pull together to win together. Been burnt to many times on that one. This managent team is no better then the last and the one before that. As far as im concerned they are on their own with this one. They spent 5 years of the most profitable time in aviation history taking care of themselves and dragging their feet to do the right thing by us. Being in maintenance ill be fine, if there was anything that 9/11 taught me was to clean up my house and be prepared.

i sympathize and i was there too, for this airline.

i will ask how are we to band together to help the airline? it's in other hands.

as far as what is going on, i'm disappointed that we all have to come in every day, do virtually nothing - only giving us greater potential for exposure.

united is doing a 2 week on - 2 week off with pay, program.

aa is behind on this curve.

 

[paul1]

https://seekingalpha.com/article/4337415-american-airlines-treasury-throws-curve-ball

 

[dfw gen]

i sympathize and i was there too, for this airline.

i will ask how are we to band together to help the airline? it's in other hands.

as far as what is going on, i'm disappointed that we all have to come in every day, do virtually nothing - only giving us greater potential for exposure.

united is doing a 2 week on - 2 week off with pay, program.

aa is behind on this curve.

this team lives behind the curve. always.

 

[V.O. Reason]

https://seekingalpha.com/article/4337415-american-airlines-treasury-throws-curve-ball

If the treasury messes this up it will be a huge PR problem for the administration
I get what he’s trying to do but if even if it’s just AA that makes a stink about it it won’t look good to the general public

 

[V.O. Reason]

A new Jetwire is out.
AA secured 5.8 billion for payroll
No layoffs or pay reductions at least through September.
Also VLOA and VOLE has been extended till Sunday April 19th for those till wishing to do so

 

[1AA]

Clear all TWU Local 591 Bulletin Board's of any and all Court Documents
:
Fellow TWU Local 591 Representatives at all Regions,
:


Per the TWU International you may clear all TWU Local 591 Bulletin Board's of any and all Court Documents related to the Injunction.
:


A more detailed update is forthcoming.
:



Fraternally,

Jorge Rojas
TWU Local 591
Recording Secretary

The Association is getting ready for the transition from TWU/IAM to AMFA by clearing out all the dead wood.

 

[1986Mekanic]

THIS: VVVVVVV

united is doing a 2 week on - 2 week off with pay, program.

aa is behind on this curve.

As usual AA sticking ut to its people... UA and SWA taking care of theirs. But us? Use our own sick time or vacation or take unpaid time card leave... Its literally a sickness with these people..

 

[La Li Lu Le Lo]

If you take a leave, they are now covering any premiums for any of your health benefits (medical, dental, vision, Life insurance(s), and LTD & STD). Previously, they were only going to pause your premiums, with the employee having to catch those up when they came back on the property.

STD and LTD coverage will now stay in effect, even with the longer length leaves.

People taking leave will still accrue Paid Personal Time (what we use for sick days or Day-at-a-time vacation days).

All time away will still count towards any FMLA eligibilty.




Oof.

Thank you Kev.

 

[La Li Lu Le Lo]

the govt. cared to the tune of $50 billion about the immediate futures of the commercial airline industry. that overrode any 'no' from any bank that didn't like any individual airline's 'business plan' or debt.

Funny how they can come up with 50 billion for the airlines yet have denied the post office for years.

 

[eolesen]

AA is seeking the largest bailout of the Big Four -- they're "only" getting $8.85B right now, and they have to repay $1.7B of that, and giving up around 3-5% ownership stake to the Feds in the form of warrants.

My guess is that's enough operating cash for about 14-16 weeks. But hey, the government is here to save y'all.

WN is only asking for $3.3B. United and Delta haven't said exactly how much, but it's estimated around $5-7B each plus 2-4% in terms of warrants.

 

[Kev3188]

DL is receiving $5.4B, and will have to repay ~$1.6B of that. Warrants will equal about 1% at $24.39/share over the next 5 years.

Memo from Ed Bastian here: https://news.delta.com/ed-bastian-memo-protecting-our-future