Delta to Cut Capacity 40%

[West Coast]

Originally Posted by SamYeager

Curious why these individuals aren't sharing the pain. They hardly strike me as short of moolah.

Director level folks aren't rolling in the moolah like those in the executive group.

[bafanguy]

The March 16th pilot new hire class has been sent home. Hard to say for sure what comes next.

[Airbubba]

Originally Posted by Airbubba

Here's the letter from airline CEO's (including FedEx and UPS) to the Congressional leadership urging a bailout package. Emphasis is mine on the furlough protection clause. An opener I suppose and CYA for the inevitable furloughs if they don't get the requested payroll protection 'grants' of at least $29 billion.

https://news.delta.com/deltas-ed-bas...-aviation-jobs

So far I don't see any mention of 'grants' to the airlines in today's Senate bill. It is hundreds of pages long and is written like international NOTAMs. Loans and loan guarantees it seems.

$50 billion in loans to the pax airlines, $8 billion in loans for the freight dogs and $17 billion in loans for the Boeing bailout.

13 (b) LOANS, LOAN GUARANTEES, AND OTHER IN-
14 VESTMENTS.—Loans, loan guarantees, and other invest-
15 ments made pursuant to subsection (a) shall be made
16 available as follows:
17 (1) Not more than $50,000,000,000 shall be
18 available to make loans and loan guarantees for pas-
19 senger air carriers.
20 (2) Not more than $8,000,000,000 shall be
21 available to make loans and loan guarantees for
22 cargo air carriers.
23 (3) Not more than $17,000,000,000 shall be
24 available to make loans and loan guarantees for
25 businesses critical to maintaining national security.

There is a weak sounding no-furlough clause attached to the loan or loan guarantee:

18 (F) the agreement requires the eligible
19 business to maintain its existing employment
20 levels as of March 13, 2020, to the extent prac-
21 ticable, while the loan or loan guarantee is out-
22 standing; and

[Airbubba]

Originally Posted by Airbubba

There is a weak sounding no-furlough clause attached to the loan or loan guarantee:

Now it appears that even that mild 'furlough protection' language was left out of the draft of the bill marked 'Final'.

And what was assumed to be the Boeing bailout fund has suddenly expanded in paragraph (3) cited above:

11 (3) Not more than $150,000,000,000 shall be
12 available for other eligible businesses.

This copy is from Senator McConnell's website:

https://www.republicanleader.senate....Mar%202020.pdf

[Airbubba]

And yet another report from a Reuters reporter.




Looks like Mitch's copy above was not the final bill. Did cargo drop from $8 billion in loans to $4 billion in loans? And pax airlines down to $25 billion in loans instead of $50 billion?