I think they still have to work a deal out with them. Basically I think J.O. now has an offer for the Note Holders, instead of just bankruptcy. Look for a part cash, part Stock deal like ExpressJet did. However, ExpressJet had a lot more cash to dish out to their Note Holders, where Mesa has hardly any.

I think the chances that the Note Holders demand cash is a lot higher at Mesa than it was at ExpressJet.

Plus, I think the Note Holders would get good amount of their money in the end if Mesa had to liquidate.