Mesa Air Group Chapter 11 Info
03-31-2010 | 02:57 PM
#591
Gets Weekends Off
Joined: Apr 2009
Posts: 936
Likes: 0
Releasemaster,
This is the period after the disclosure statement has been accepted by the court where the Debtor or proponents of the POR (plan of reorganization) are free to solicit acceptance of the plan. Creditors are also free to solicit rejection of the plan.
It's exclusive because only the Debtor (MAG) can submit a POR during the first 120 days after the bankruptcy petition is filed. After the deadline the Creditors can submit their plan. The court can grant an extension of up to 18 months. The exlusive period for solicitaion for acceptance of its plan is 180 days. This can either be reduced or extended by the court by up to 20 months! Extensions are normal for complex corporate bankruptcies.
winglet
This is the period after the disclosure statement has been accepted by the court where the Debtor or proponents of the POR (plan of reorganization) are free to solicit acceptance of the plan. Creditors are also free to solicit rejection of the plan.
It's exclusive because only the Debtor (MAG) can submit a POR during the first 120 days after the bankruptcy petition is filed. After the deadline the Creditors can submit their plan. The court can grant an extension of up to 18 months. The exlusive period for solicitaion for acceptance of its plan is 180 days. This can either be reduced or extended by the court by up to 20 months! Extensions are normal for complex corporate bankruptcies.
winglet
03-31-2010 | 06:08 PM
#592
Thread Starter
Gets Weekends Off
Joined: Jun 2008
Posts: 467
Likes: 0
Update:
MAG released a required periodic report for Mo-Go, Nilchi, and Patar.
Mo-Go (go! Mokulele) of which MAG holds 75% controlling interest:
Total Assets: $12,435,000
Total Liabilities: $12,435,000
Total Revenue: $13,464,000
Total Operating Expenses: $15,451,000
Net Income (Loss): ($1,353,000)
Cash and Cash Equivalents: $1,562,000
Nilchi:
"holds an 88% interest in non-debtor Indigo Miramar, LLC for the purpose of investing in an airline related business" and " has not received the necessary information to prepare this Periodic Report."
Patar:
"holds a 43% interest in non-debtor Finao Telserra Fund"..."for the purpose of Patar's investment in an electronic transaction processing company" and "no longer maintains any financial information..."
Gee...I wonder what is the purpose of these entities?
winglet
MAG released a required periodic report for Mo-Go, Nilchi, and Patar.
Mo-Go (go! Mokulele) of which MAG holds 75% controlling interest:
Total Assets: $12,435,000
Total Liabilities: $12,435,000
Total Revenue: $13,464,000
Total Operating Expenses: $15,451,000
Net Income (Loss): ($1,353,000)
Cash and Cash Equivalents: $1,562,000
Nilchi:
"holds an 88% interest in non-debtor Indigo Miramar, LLC for the purpose of investing in an airline related business" and " has not received the necessary information to prepare this Periodic Report."
Patar:
"holds a 43% interest in non-debtor Finao Telserra Fund"..."for the purpose of Patar's investment in an electronic transaction processing company" and "no longer maintains any financial information..."
Gee...I wonder what is the purpose of these entities?
winglet
Last edited by winglet; 03-31-2010 at 06:20 PM.
04-01-2010 | 06:08 AM
#593
Prime Minister/Moderator
Joined: Jan 2006
Posts: 45,144
Likes: 801
From: Engines Turn or People Swim
Actually I suspect OJ wanted to get rid of the dashes all along...bankruptcy affords him the opportunity to get unload the associated lease obligations.
04-01-2010 | 07:25 PM
#594
Line Holder
Joined: Jul 2007
Posts: 264
Likes: 0
From: ERJ CA
Just look at the reserve coverage in every base it is all red. They can't afford to furlough anyone else. The may furloughs will be cancelled just wait and see. Email from Foley in about a week or two making it look like they are the good guy and saving peoples jobs, but really they are screwing the senior guys that got sent to the ERJ.
04-01-2010 | 09:49 PM
#595
Line Holder
Joined: Dec 2008
Posts: 49
Likes: 0
In his email he admits that they will not be furloughing as many and will be announcing it soon. As soon as these guys finish their CSI they will come out with the email. It also says that they will need to upgrade 8-10 people for ERJ Captain. Drums, does this mean 26 more people than orignally planned so like 1025 global or 26 more people will be furloughed in May?
04-02-2010 | 04:58 AM
#596
Thread Starter
Gets Weekends Off
Joined: Jun 2008
Posts: 467
Likes: 0
Furlough Update
The MAG director of flight operations scheduling says he will soon announce 45 fewer furloughs than originally planned.
Original Plan:
Good Luck!
Original Plan:
EFFECTIVE MONTH / NUMBER OF PILOTS FURLOUGHED
Aug-08 / 50
Oct-08 / 15
Apr-09 / 15
Jun-09 / 56
Sep-09 / 34
Oct-09 / 6
Nov-09 / 3
Dec-09 / 75
Jan-10 / 68
Mar-10 / (34) - PROJECTED
Apr-10 / (9) - PROJECTED
May-10 / (60) - PROJECTED
Jun-10 / (10) - PROJECTED
Oct-08 / 15
Apr-09 / 15
Jun-09 / 56
Sep-09 / 34
Oct-09 / 6
Nov-09 / 3
Dec-09 / 75
Jan-10 / 68
Mar-10 / (34) - PROJECTED
Apr-10 / (9) - PROJECTED
May-10 / (60) - PROJECTED
Jun-10 / (10) - PROJECTED
TOTAL 322 (113) ACT/(PROJ Add'l)
Revised January 12, 2010Good Luck!
winglet
04-02-2010 | 01:54 PM
#597
Thread Starter
Gets Weekends Off
Joined: Jun 2008
Posts: 467
Likes: 0
MAG February MOR
The February MOR has been submitted.
Summary:
Total Revenue: $65,921,000
Total Operating Expenses: $64,556,000
Total Non-Operating Income (Expense): ($887,000)
Income (Loss) Before Reorganization Items and Income Taxes: $478,000
Income (Loss) Before Discontinued Operations: ($244,000)
Net Income (Loss): ($246,000)
Total Assets: $955,683,000
Total Liabillities: $849,882,000
Total Liabilities and Stockholder's Equity: $955,683,000
Cash and Cash Equivalents at End of Period: $78,707,000
Cash and Cash Equivalents at Beginning of Period: $67,471,000
Increase in Cash and Cash Equivalents: $11,263,000
winglet
Summary:
Total Revenue: $65,921,000
Total Operating Expenses: $64,556,000
Total Non-Operating Income (Expense): ($887,000)
Income (Loss) Before Reorganization Items and Income Taxes: $478,000
Income (Loss) Before Discontinued Operations: ($244,000)
Net Income (Loss): ($246,000)
Total Assets: $955,683,000
Total Liabillities: $849,882,000
Total Liabilities and Stockholder's Equity: $955,683,000
Cash and Cash Equivalents at End of Period: $78,707,000
Cash and Cash Equivalents at Beginning of Period: $67,471,000
Increase in Cash and Cash Equivalents: $11,263,000
winglet
Last edited by winglet; 04-02-2010 at 05:08 PM.
04-12-2010 | 04:20 AM
#599
Thread Starter
Gets Weekends Off
Joined: Jun 2008
Posts: 467
Likes: 0
04-16-2010 | 04:30 AM
#600
Thread Starter
Gets Weekends Off
Joined: Jun 2008
Posts: 467
Likes: 0
Update:
MAG's "Motion to Extend Time Motion for Order Extending the Time Periods During Which the Debtors Have the Exclusive Right to File a Plan and Solicit Acceptances" has been approved by the judge. The exclusive right for MAG to file a POR has been extended through Sept. 2, 2010.
winglet
MAG's "Motion to Extend Time Motion for Order Extending the Time Periods During Which the Debtors Have the Exclusive Right to File a Plan and Solicit Acceptances" has been approved by the judge. The exclusive right for MAG to file a POR has been extended through Sept. 2, 2010.
winglet
Thread
Thread Starter
Forum
Replies
Last Post
