Liquidity crisis for BA ahead.  $5.4 B in long-term debt maturing by next June and given the trajectory of interest rates, there's no way for the company to roll this over.

 

Commercial customers in serious distress as well.  Garuda Air just filed for bankruptcy.  BA is one of the creditors...to the tune of $800 MM.

 

If management taps the newly issued credit cards (that replace the cards expiring in October) then investors will know that the situation is desperate.  The liquidity crisis evolves into a solvency crisis.

 

Unlikely this balance sheet survives, whether the day of reckoning arrives in 2023 or beyond.  The company may go the way of Government Motors (GM) or the traditional route of BK court.  Either way, shareholders get the shaft.