I thought that the comparison to the Pinnacle and Mesa bankruptcies was interesting and I wasn't very familiar with them. But from what I've been reading, it seems like the RJET bankruptcy is a bit different from each of them.
In the case of Mesa in 2010, 52 of its 130 aircraft remained parked in the wake of a slowdown due to the recession. They had leases to pay on a large number of assets that weren't producing any revenue. That doesn't seem very similar to what RJET is facing.
As for Pinnacle in 2012, it's costs were going up at the same time that revenues were going down. You could argue that this is somewhat similar to RJET's situation. However Pinnacle had a very weak balance sheet when they declared bankruptcy, with only $1.50 billion in tangible assets to $1.43 billion in liabilities. RJET has a bit stronger balance sheet with $3.34 billion in tangible assets to $2.97 billion in liabilities.
This RJET bankruptcy seems to center around the Delta's unilateral contract extension, which RJET is disputing, and for which it doesn't have enough pilots to fulfill. RJET's new contract with the pilots should presumably help them keep and/or recruit new pilots. Is there something else that I'm missing here?
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