Sami - I see some airlines with -$12,000,000 or more... how is that? At what point do they stop paying their leases and mx?
What you see is VALUE. That's different than Cash.
You can be sitting on tens of millions in Cash but have a value of many tens of negative millions. What you do is simply borrow money then spend it.
Let's say you're sitting on $10M in cash and no assets or loans. That means your value is $10M.
Then you borrow $60M.
Now you have $70M in cash. But your value
is still $10M. This is because you have loans of $60M, so you subtract that from your cash to get your Value.
Then you spend that $60M on aircraft.
Now you still have $10M in cash. But you have a loan of $60M. So now your value is $-50M.
Still have plenty of cash in the bank, but your loans drive your value down. Value doesn't put you into bankruptcy. Your cash