By way of update, we are currently in court for the first day hearing in this case. The court just granted the debtors’ motions: to pay critical vendors in the debtors’ discretion ($50mm for the next 21 days); to pay foreign creditors; to pay fuel suppliers; to honor and enter into derivatives agreements in the ordinary course (for fuel cost hedging purposes); to continue customer programs (such as frequent flyer and rebate programs); and to assume the interlink agreements.
The hearing is continuing and we will keep you updated.
S. Jason Teele, Esq.
Member of the Firm
LOWENSTEIN SANDLER PC