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Jeremy Raper - Credit Focused Equity

The Business Brew

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The Consequences of Delta's CRJ Fleet

The key part of the conceit is you're paying nothing for the go forward business. You're buying the business at half of book value today. It's generating a bunch of cash and it's generating, I think, 30 to 35 million of free cash. If or when they get clarity on the capacity purchase agreement, which runs out in 2023, but United has an option to extend it for another two to five years. And if we do this boom in travel, which I expect most of this should be visiting friends or relatives, it should be leisure, right? Given it's pre-wrench, there's going to be some business there,. But if you look at how

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