The external environment is still very difficult, and we expect that they're likely to report a loss this year.
More Quotes from Philip Baggaley:
That is high, particularly for an investment-grade company.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
Usually, one would see a ratio of less than 50 percent for industrial and transportation companies however, that's the peak and from there, it should decline as they use free cash flow to pay down debt.
Philip Baggaley
It won't take much of a switch to change the result, ... There's also the precedent of the other labor groups approving it, including the mechanics, who were thought to be toughest sell. I don't think even those who voted against it are eager to go into bankruptcy.
Philip Baggaley
They are another example of a company that started out in a relatively stronger financial position than their peers, and they felt they were in better position to survive a shakeout, ... They didn't pursue cost-cutting as aggressively as they would have if they were heading toward bankruptcy early in the (industry's) downturn.
Philip Baggaley
A bankrupt airline is anxious not to lose customers, especially business travelers, and may be wary of cutting service below competitors' levels for fear of confirming passenger suspicions that the company is not long for this world.
Philip Baggaley
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