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March 3, 2011 - Mesa Air Group’s Plan of Reorganization
became effective on Tuesday, allowing the company to
emerge from its reorganization under Chapter 11 of the
U.S. Bankruptcy Code. |
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“We are
deeply appreciative of the support we have received during our
reorganization from our creditors, airline partners and
employees, and we will work hard to repay this trust by building
a successful Mesa Air Group.” The Company’s restructuring
accomplishments included:
The elimination
of 100 excess aircraft and associated leases and debt which
contributed to the deleveraging of Emerging as a private company that will issue four new series of notes, shares of common stock, and/or warrants to purchase shares of its common stock to its creditors in exchange for their claims in the Chapter 11 proceedings and extending the term of the code-share agreement with US Airways through September 2015.
“Upon our
exit from bankruptcy, we will take the intensity and effort of
the past 13 months and transfer it from the triage of the
bankruptcy process to focus on opportunities that exist in our
rapidly changing industry. Throughout our bankruptcy the
Company’s operations remained at the highest level of
reliability and safety. Our people did a fantastic job and
nothing reflects their competitive spirit better than the fact
that during our bankruptcy |
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“This strong operational performance came during a time when many of our employees contributed to our financial savings by taking additional unpaid days off. This level of dedication and the resulting operational performance has provided a solid foundation upon which to return our airline to sustained profitability and future growth. "In
addition, through the restructuring process |
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