Don’t cancel any leases! You will only get the money back at the end of the lease term (next lease payment), so it will not help you.
If you can’t pay the weekend salaries you will receive an emergency loan (at horrendous interestb rates). Be aware, you will only get two consecutive such loans, the third one will liquidate your company.
After the weekend closing your bank balance will be zero. Any following lease payment that you can’t make will breach the contract and your aircraft gets returned. The positive thing is, you’ll get the deposit back (less the lease rate payment), but any cabin configuration is obviously lost.
But my lease payment is due today (end of lease term). If I cancel the lease, won't I get the security deposit back today?
Yes, you'll get the money back when the contract is due (use the cash flow list too look for the most convenient contracts you could cancel). And you don't need to cancel any flights on the affected plane (you won't have to pay any compensation for remaining flights), so better save that money..
Yes, you'll get the money back when the contract is due (use the cash flow list too look for the most convenient contracts you could cancel). And you don't need to cancel any flights on the affected plane (you won't have to pay any compensation for remaining flights), so better save that money..
The first time you can't pay a lease, the plane will be automatically returned to the owner. You get back the deposit minus the weekly fee (so essentially, you get back 90% of your deposit). That money should be good enough to cover the other payments so you won't lose more planes. If it's not, you might lose a second plane.