Mesa Air Group Chapter 11 Info

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03-02-2010 | 07:03 PM

#521

andy171773

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From: CRJ2, ATR, CRJ7, E145, 737

Winglet, since you're in the know

has anything NOT gone Mesa's way in the bankruptcy proceedings?

03-02-2010 | 08:16 PM

#522

Releasemaster

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From: OCC/Dispatch

Quote:

Originally Posted by winglet

Releasemaster,

An agreement between MAG and the creditors of the 36 ERJ's has been made extending the 60 day stay preventing their reposession(Bankruptcy Code 1110b). The agreement is under seal so we won't see the details. These agreements favor either the debtor or the creditor depending on the used aircraft market, hint, hint.

winglet

Interesting. I didn't think the ERJ creditor could reposses while the leasee is in BK.

03-03-2010 | 12:33 AM

#523

Releasemaster

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From: OCC/Dispatch

Quote:

Originally Posted by Releasemaster

Interesting. I didn't think the ERJ creditor could reposses while the leasee is in BK.

Also, Mesa has asked for an emergancy hearing to be approved to buy six Rolls Royce engines. Are those for the ERJ?

If so why would Mesa request an emergancy approval hearing with little window for objections when they just inked a 60 day stay with the lessor on ERJs?

03-03-2010 | 04:36 AM

#524

winglet

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Quote:

Originally Posted by Releasemaster

Interesting. I didn't think the ERJ creditor could reposses while the leasee is in BK.

Under Bankruptcy Code (1110) the debtor has 60 days under a stay to "cure all defaults" or negotiate an extension. If unable, then the creditor can reposess. The extension is in addition to the original 60 days. It is unkown how long the extension is since it's under seal.

The used ERJ market is pretty dismal and the creditors are willing to grant an extension. The agreement is probably determinant on the outcome of the Delta litigation.

winglet

03-03-2010 | 04:50 AM

#525

winglet

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Quote:

Originally Posted by andy171773

Winglet, since you're in the know

has anything NOT gone Mesa's way in the bankruptcy proceedings?

andy171773,

MAG would have preferred a speedier resolution to the Delta litigation. They would have liked a $70-80 million check from Delta

.

winglet

03-03-2010 | 05:32 AM

#526

flycrj200

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From: A320 FO

Quote:

Originally Posted by winglet

andy171773,

MAG would have preferred a speedier resolution to the Delta litigation. They would have liked a $70-80 million check from Delta

.

winglet

I would like a check for $80 million too, but I'm not going to get one

03-03-2010 | 06:47 AM

#527

rickair7777

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From: Engines Turn or People Swim

Quote:

Originally Posted by Releasemaster

Interesting. I didn't think the ERJ creditor could reposses while the leasee is in BK.

They don't leave the creditor hanging for very long, otherwise HE would end up BK too. BK get's you out of your obligations, but it does not mean you get to keep the things you can't or won't pay for! Otherwise I'd file BK tomorrow so I could stop making mortgage payments but keep my house!

03-03-2010 | 07:24 AM

#528

IrishTiger

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Quote:

Originally Posted by rickair7777

Otherwise I'd file BK tomorrow so I could stop making mortgage payments but keep my house!

amen to that!

03-04-2010 | 03:36 PM

#529

dashtrash300

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Thought this would be good to post here....someone in the PDT News and Rumors posted that they heard AWAC and SkyWest were looking at buying Mesa. Thoughts?

03-04-2010 | 03:48 PM

#530

flycrj200

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From: A320 FO

Quote:

Originally Posted by dashtrash300

Thought this would be good to post here....someone in the PDT News and Rumors posted that they heard AWAC and SkyWest were looking at buying Mesa. Thoughts?

Maybe after Mesa emerges from BK.