Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
"Shareholders are not entitled to receive a recovery under court-approved reorganization plans until all creditors and others ahead of shareholders in priority receive payment in full."
And that is the key. MESA is trying to wipe all previous shares under the carpet and say "we now have new shares" but a good lawyer will win a class action against them. All creditors has to be paid but they can not nullify existing shares. Even if a judge say they can it can easily be overuled. A judge has to stay within the confines of the law and the law states shareholders eventually has to be paid. Mesa is aware of this so probably will offer 1 share per so many thousands held and try to get out of the debt that way yet that can also be fought. The issuance of new stocks without dealing with the existing stocks put this into a whole new light.
LET ME SEE, the company must pay the creditors, ok, but they paid with the shareholders money? the company now is strong..ok, then we are not the next to paid? sorry my english, but i have much money in MAG.
I dont understand, we have shares, we invest in company, our capital decrease and the company enter in bankrupcy, finally, company out of bankrupcy, all is cleared, mesa is a strong company, and we are the losers? the admins of the old company that sink it, are the winners and we are the losers? I DONT UNDERSTAND, THIS IS A REAL THEFT, AND WE CANT DO ANYTHING? PLZ, WHAT WE CAN DO?.
2. Do shareholders receive payments if shares are cancelled under a reorganization plan?
Creditors have priority over shareholders under the provisions of the U.S. Bankruptcy Code. Shareholders are not entitled to receive a recovery under court-approved reorganization plans until all creditors and others ahead of shareholders in priority receive payment in full.
what I ben waiting for, let the lawsuits begin!!!!!!!!!!!!!!!!!!
Should have read:
Emerges like a erection to stick in the the ass of the shareholders.
No. If they did it wouldn't be private.
Let me try this again--NEWS:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
FORM 8-K
--------------------------------------------------------------------------------
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2011
Mesa Air Group, Inc.
(Exact name of registrant as specified in its charter)
Nevada 000-15495 85-0302351
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number)
410 North 44th Street, Suite 700
Phoenix, Arizona 85008
(Address of principal executive offices including zip code)
(602) 685-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Item 1.03. Bankruptcy or Receivership.
Reference is hereby made to the information set forth under Item 8.01 of this Current Report on Form 8-K. The disclosure contained in Item 8.01 is hereby incorporated by reference in its entirety into this Item 1.03.
Item 8.01. Other Events
Mesa Air Group, Inc., a Nevada corporation (the "Company"), along with eleven affiliated debtors (collectively, the "Debtors"), filed petitions under chapter 11 of the United States Bankruptcy Code on January 5, 2010 in the United States Bankruptcy Court for the Southern District of New York. The case number for Mesa's bankruptcy case is 10-10018. The Bankruptcy Court approved the Debtors' Third Amended Joint Plan of Reorganization (the "Plan") on January 20, 2011, and the notice of effective date confirming that the reorganized Company successfully emerged from bankruptcy was filed with the Bankruptcy Court on March 1, 2011 (the "Effective Date").
Under the terms of the Plan, the Company will issue four new series of notes under a single indenture and new shares of common stock, and all existing shares of common stock were cancelled as of the Effective Date.
On March 3, 2011, the Company filed its Certification and Notice of Termination of Registration under Section 12(g) of the Securities Exchange Act of 1934 on Form 15 with the Securities and Exchange Commission.
The press release announcing the Company's emergence from bankruptcy is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
d. Exhibits.
Exhibit No.
Description
99.1
Press release, dated March 1, 2011
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MESA AIR GROUP, INC.
Date: March 3, 2011
By: /s/ Christopher Pappaioanou
Name: Christopher Pappaioanou
Title: Vice President and General Counsel
--------------------------------------------------------------------------------
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press release, dated March 1, 2011 Also provided in PDF format as a courtesy.
--------------------------------------------------------------------------------
EX-99.1
Exhibit 99.1
Mesa Air Group Exits Chapter 11 As A Strong, Competitive Airline
March 1, 2011
PHOENIX, March 1, 2011- Mesa Air Group's Plan of Reorganization became effective today allowing the company to emerge from its reorganization under Chapter 11 of the U.S. Bankruptcy Code. Mesa and its related subsidiaries entered bankruptcy protection on January 5, 2010 and Mesa's exit from bankruptcy protection in 13 months places it among the fastest reorganizations in aviation history. Mesa is well positioned to compete aggressively in the regional aviation industry having shed inefficient aircraft, significant debt and extended our partnership with US Airways.
In celebrating the company's emergence, Mesa Chairman and Chief Executive Officer Jonathan Ornstein said: "Today marks a new beginning for Mesa, one that allows the company to build on its almost 30 year history and reestablish ourselves as one of the world's leading regional airlines. 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:
Elimination of 100 excess aircraft and associated leases and debt which contributed to the deleveraging of Mesa's balance sheet in the approximate amount of $700 million in capitalized leases and $50 million in debt;
Restructuring of aircraft leases and financings for Mesa's remaining CRJ 200 and Dash 8 fleets resulting in flexibility, no long term lease exposure and lower costs on the CRJ 200 50-seat regional jet aircraft;
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;
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," continued Ornstein, "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 Mesa consistently delivered operational performance which continues to lead the regional airline industry in nearly every category monitored by the U.S. Dept. of Transportation.
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 Mesa is among the first regional airlines to address the risks associated with fifty-seat regional jet aircraft which have increasingly fallen out of favor with mainline carriers. We believe the elimination of exposure related to this fleet provides Mesa with a significant competitive advantage," noted Ornstein.
"We would like to welcome the new members of Mesa's Board of Directors who will be joining us today including: Daniel J. Altobello, retired Chairman of LSG/Sky Chefs Onex Food Services, Inc.; Ellen N. Artist, ENA Advisors, LLC; Mitchell I. Gordon, President, Morpheus Capital Advisors; Dana J. Lockhart, DJL Advisors, LLC; Grant Lyon, President, Odyssey Capital Group; Harvey W. Schiller, Vice Chairman and President of the Sports, Media, and Entertainment Practice of Diversified Search Odgers Berndtson; Mark J. Schulte, Managing Director and head of transportation investment banking at Dahlman Rose & Co.; Don Skiados, President, Leadership Communications and Training, LLC. We look forward to working with all of our new Board members and are honored to have such distinguished individuals serving the Company," said Ornstein.
"In addition, we would also like to thank our retiring Board members for their service, dedication and friendship over the years including: Richard R. Thayer; Carlos E. Bonilla; Joseph L. Manson; Maurice A. Parker; Peter F. Nostrand; Robert Beleson," added Ornstein
"Finally we would like to thank all of the stakeholders who worked with the Company during our restructuring as well as our restructuring advisors Pachulski Stang Ziehl & Jones LLP, our corporate counsel DLA Piper, LLP (US), and our financial advisors Imperial Capital, and the others that have helped make this possible, including the support of our airline partners, customers and the communities we serve." concluded Ornstein.
Mesa currently operates 76 aircraft with approximately 450 daily system departures to 94 cities, 38 states, the District of Columbia, and Mexico. Mesa operates as US Airways Express and United Express under contractual agreements with US Airways and United Airlines, respectively, and independently as go! Mokulele. This operation links Honolulu to the neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company was founded by Larry and Janie Risley in New Mexico in 1982.
Statements in this news release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements.
Investors and other interested parties can obtain information about Mesa's Chapter 11 filing on the Internet at Mesa-air.com. Court filings, claims information and our Plan of Reorganization are available at: www.dm.epiq11.com/mesa. Caution should be taken not to place undue reliance on Mesa's forward-looking statements, which represent Mesa's views only as of January 20, 2011, and which Mesa has no current intention to update.
The MAG pilots intend to make similar improvements to their contract. MAG is now a stronger, leaner airline with an aggressive plan to maintain current business, secure new business, and reward senior management, aircraft lessors, suppliers, and other shareholders.
“Mesa’s pilots must also be rewarded for their contributions to this airline, namely for our efforts in maintaining operational excellence,” said Kolodziejczyk. “As one of the largest stakeholders in Mesa, the pilots are an integral part to the company’s current and future plans, and we deserve to share in its success.”
ALPA represents nearly 53,000 pilots at 38 airlines in the United States and Canada, including the nearly 1,400 pilots—and 480 who are on furlough—at Mesa Air Group. Mesa Air Group includes Mesa Airlines, Freedom Airlines, and go!, the company’s interisland carrier in Hawaii. Pilots fly as United Express, US Airways Express, and go!. For more information, visit www.MesaPilots.com.
NEWS --
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
FORM 8-K
--------------------------------------------------------------------------------
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2011
Mesa Air Group, Inc.
(Exact name of registrant as specified in its charter)
Nevada 000-15495 85-0302351
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number)
410 North 44th Street, Suite 700
Phoenix, Arizona 85008
(Address of principal executive offices including zip code)
(602) 685-4000
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Item 1.03. Bankruptcy or Receivership.
Reference is hereby made to the information set forth under Item 8.01 of this Current Report on Form 8-K. The disclosure contained in Item 8.01 is hereby incorporated by reference in its entirety into this Item 1.03.
Item 8.01. Other Events
Mesa Air Group, Inc., a Nevada corporation (the "Company"), along with eleven affiliated debtors (collectively, the "Debtors"), filed petitions under chapter 11 of the United States Bankruptcy Code on January 5, 2010 in the United States Bankruptcy Court for the Southern District of New York. The case number for Mesa's bankruptcy case is 10-10018. The Bankruptcy Court approved the Debtors' Third Amended Joint Plan of Reorganization (the "Plan") on January 20, 2011, and the notice of effective date confirming that the reorganized Company successfully emerged from bankruptcy was filed with the Bankruptcy Court on March 1, 2011 (the "Effective Date").
Under the terms of the Plan, the Company will issue four new series of notes under a single indenture and new shares of common stock, and all existing shares of common stock were cancelled as of the Effective Date.
On March 3, 2011, the Company filed its Certification and Notice of Termination of Registration under Section 12(g) of the Securities Exchange Act of 1934 on Form 15 with the Securities and Exchange Commission.
The press release announcing the Company's emergence from bankruptcy is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
d. Exhibits.
Exhibit No.
Description
99.1
Press release, dated March 1, 2011
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MESA AIR GROUP, INC.
Date: March 3, 2011
By: /s/ Christopher Pappaioanou
Name: Christopher Pappaioanou
Title: Vice President and General Counsel
--------------------------------------------------------------------------------
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press release, dated March 1, 2011 Also provided in PDF format as a courtesy.
--------------------------------------------------------------------------------
EX-99.1
Exhibit 99.1
Mesa Air Group Exits Chapter 11 As A Strong, Competitive Airline
March 1, 2011
PHOENIX, March 1, 2011- Mesa Air Group's Plan of Reorganization became effective today allowing the company to emerge from its reorganization under Chapter 11 of the U.S. Bankruptcy Code. Mesa and its related subsidiaries entered bankruptcy protection on January 5, 2010 and Mesa's exit from bankruptcy protection in 13 months places it among the fastest reorganizations in aviation history. Mesa is well positioned to compete aggressively in the regional aviation industry having shed inefficient aircraft, significant debt and extended our partnership with US Airways.
In celebrating the company's emergence, Mesa Chairman and Chief Executive Officer Jonathan Ornstein said: "Today marks a new beginning for Mesa, one that allows the company to build on its almost 30 year history and reestablish ourselves as one of the world's leading regional airlines. 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:
Elimination of 100 excess aircraft and associated leases and debt which contributed to the deleveraging of Mesa's balance sheet in the approximate amount of $700 million in capitalized leases and $50 million in debt;
Restructuring of aircraft leases and financings for Mesa's remaining CRJ 200 and Dash 8 fleets resulting in flexibility, no long term lease exposure and lower costs on the CRJ 200 50-seat regional jet aircraft;
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;
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," continued Ornstein, "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 Mesa consistently delivered operational performance which continues to lead the regional airline industry in nearly every category monitored by the U.S. Dept. of Transportation.
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 Mesa is among the first regional airlines to address the risks associated with fifty-seat regional jet aircraft which have increasingly fallen out of favor with mainline carriers. We believe the elimination of exposure related to this fleet provides Mesa with a significant competitive advantage," noted Ornstein.
"We would like to welcome the new members of Mesa's Board of Directors who will be joining us today including: Daniel J. Altobello, retired Chairman of LSG/Sky Chefs Onex Food Services, Inc.; Ellen N. Artist, ENA Advisors, LLC; Mitchell I. Gordon, President, Morpheus Capital Advisors; Dana J. Lockhart, DJL Advisors, LLC; Grant Lyon, President, Odyssey Capital Group; Harvey W. Schiller, Vice Chairman and President of the Sports, Media, and Entertainment Practice of Diversified Search Odgers Berndtson; Mark J. Schulte, Managing Director and head of transportation investment banking at Dahlman Rose & Co.; Don Skiados, President, Leadership Communications and Training, LLC. We look forward to working with all of our new Board members and are honored to have such distinguished individuals serving the Company," said Ornstein.
"In addition, we would also like to thank our retiring Board members for their service, dedication and friendship over the years including: Richard R. Thayer; Carlos E. Bonilla; Joseph L. Manson; Maurice A. Parker; Peter F. Nostrand; Robert Beleson," added Ornstein
"Finally we would like to thank all of the stakeholders who worked with the Company during our restructuring as well as our restructuring advisors Pachulski Stang Ziehl & Jones LLP, our corporate counsel DLA Piper, LLP (US), and our financial advisors Imperial Capital, and the others that have helped make this possible, including the support of our airline partners, customers and the communities we serve." concluded Ornstein.
Mesa currently operates 76 aircraft with approximately 450 daily system departures to 94 cities, 38 states, the District of Columbia, and Mexico. Mesa operates as US Airways Express and United Express under contractual agreements with US Airways and United Airlines, respectively, and independently as go! Mokulele. This operation links Honolulu to the neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company was founded by Larry and Janie Risley in New Mexico in 1982.
Statements in this news release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements.
Investors and other interested parties can obtain information about Mesa's Chapter 11 filing on the Internet at Mesa-air.com. Court filings, claims information and our Plan of Reorganization are available at: www.dm.epiq11.com/mesa. Caution should be taken not to place undue reliance on Mesa's forward-looking statements, which represent Mesa's views only as of January 20, 2011, and which Mesa has no current intention to update.
Just curious, coming out of Chapter 11 as a private company, will its shares be publicly traded?
Thw wording is the real disgusting part:
"Emerges from Ch11"
By submerging the public SHs
Glad I got rid of the rest in Jan.
Of course I knew.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=59686886
I just don't like people who laugh with others unlucky or bad choices. You can always say your opinion without laughing with someone's wrong choice.
why so touchy?
you knew that they will cancel stock, it was just matter of time.
Lose some, gain some is the motto of this game.
You enjoy this kind of "humor"? If yes, I really feel pity for you. In my opinion people who enjoy this kind of "humor" don't really need a toilet paper. It would make no difference for them.
I lost little here. MESA was just a lotto ticket, like Spansion and Visteon before, and a little lesson because it ended differently for me than the other two. Nothing more, nothing less.
have a nice day.
you can use your stock certificate for a toilet paper.
Unfortunately the shareholder is the easy victim. He hears a lot and in the end he loses the most. This is the system unfortunately, a system that ALWAYS favors the rich guys.
you must know 99% of Q stock ends with cancelation and wipeout shareholders, that is the risk of buy these class of securities.
good luck
So when does the class action against MESA get filed? A lot of people were screwed out of their money. I understand to a small degree that they might not want to compensate for shares purchased in the PINK, however there are many people like myself who have owned MESA stock for years. I won't be out on the street because of this loss but it stings. Mainly because of the nature of the loss.
If the company goes BK and then down the drain, well I can swallow that. But when the shareholders stick with them and they come out saying the skies are blue and everything is grand but push the shareholders out the door without a parachute then it hurts.
Just very frustrating.
Time to invest heavily with their competition I suppose.
MESAQ : " Plan of Bankruptcy effective . All shares have been cancelled ; Deletion time of security is 8:00:05 ** "
http://www.otcbb.com/asp/dailylist_detail.asp?d=03/02/2011&mkt_ctg=NON-OTCBB
No bid/ask, not sure if it will trade
Mesa Air Group CEO sees challenges ahead
by Megan Neighbor - Mar. 2, 2011 12:00 AM
The Arizona Republic
.
Phoenix-based Mesa Air Group emerged from bankruptcy Tuesday, less than 14 months after filing for Chapter 11.
The regional airline, which has contracts with Tempe-based US Airways and United Airlines, emerged as a private company Tuesday with fewer than half the planes it previously had and 26 percent fewer employees.
In a note to employees, Jonathan Ornstein, the company's CEO, acknowledged the challenges the regional carrier will face, but said he was confident Mesa Air would survive.
"While we have now cleared a huge hurdle, there will undoubtedly be significant challenges going forward - the regional industry is more competitive than ever and with fuel prices over $100 a barrel, our partners have come under incredible financial pressure which could easily undermine the recently positive outlook for 2012," he said.
" . . . I remain confident that if we can work together, understand both our limitations and our strengths, we can successfully return Mesa to our former position as one of the world's leading regional airlines."
As part of the reorganization, Mesa Air will pay out $19.4 million to secured creditors and $43.2 million to unsecured creditors in 8 percent notes. US Airways will receive $6.8 million in notes and 10 percent of Mesa's stock.
Of the 15 million shares issued in the reorganization, as many as 10 million were allocated for creditors, which include regional-jet manufacturers Bombardier and Embraer and the Air Line Pilots Association, which represents Mesa's pilots.
Read more: http://www.azcentral.com/arizonarepublic/business/articles/2011/03/02/20110302biz-mesaair0302.html#ixzz1FPD1yKz0
It's a shame... I agree!
Regards
u know i have been watching this thing after it bottomed out to .007 after that last major PR weeks ago. i was going to buy in then and flip in an effort to make back what i had lost when i saw it run to a penny-I was like who hoo potential.
i thought we would have the opportunity to do this for a minimum of 2 to 3 times before this would stop trading.
i was using Tronox for my template since i watched that stock go to almost 2 dollars since it's post banruptcy organization and i made money over there.
it's a shame that situation will not be reflected here.
i was actually going to buy in Friday or yesterday but was watching another stock so didn't get to.
i cannot believe this is legal and Mesa gets to keep our Money, Print more shares for somebody else and we get nothing in return except a Neg Balance in our Portfolios were MESAQ was.
My Commission for selling this thing and getting out is more than the current portfolio worth.
Wow is all i can say.
Don't sound good.
Many people buy shares today.
Just Called the Number at 4:30pm CST, Invite you to do the same.
The Number marked Chris P in this PR.
Asked the Lady Point Blank-I have shares purchased mid 2010 and what happens to them? Do I get replacement shares?
She said no, those shares are wiped out.
Asked her, r u telling me these shares are worthless and no replacement shares will be issued?
She said yes. And then Silence.
GLTA
Look SOFN is back in the play.
Just saw the news, we shall see how this plays out..
No, I always go to the hole. Lol
It say;
Issue New shares to creditors!
It dosn't say:
MESAQ shares are worthless!
hope you got out
goodbye mesaq. thanks for all the fun
looks like triple 0 is coming, I'll put my bid at 0.0005. glta
I was just getting ready to post the same thing.
What about this part?
-- 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;
PRESS RELEASE: Mesa Air Group Exits Chapter 11 as a Strong, Competitive Airline
PRESS RELEASE: Mesa Air Group Exits Chapter 11 as a Strong, Competitive Airline
Mesa Air Group Exits Chapter 11 as a Strong, Competitive Airline
PHOENIX--(BUSINESS WIRE)--March 01, 2011--
Mesa Air Group´s Plan of Reorganization became effective today, allowing the company to emerge from its reorganization under Chapter 11 of the U.S. Bankruptcy Code. Mesa and its related subsidiaries entered bankruptcy protection on January 5, 2010 and Mesa´s exit from bankruptcy protection in 13 months places it among the fastest reorganizations in aviation history. Mesa is well positioned to compete aggressively in the regional aviation industry, having shed inefficient aircraft, significant debt and extended our partnership with US Airways.
In celebrating the company´s emergence, Mesa Chairman and Chief
Executive Officer Jonathan Ornstein said: "Today marks a new beginning
for Mesa, one that allows the company to build on its almost 30-year
history and reestablish ourselves as one of the world´s leading regional
airlines. 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:
-- Elimination of 100 excess aircraft and associated leases and debt which
contributed to the deleveraging of Mesa´s balance sheet in the
approximate amount of $700 million in capitalized leases and $50 million
in debt;
-- Restructuring of aircraft leases and financings for Mesa´s remaining CRJ
200 and Dash 8 fleets resulting in flexibility, no long term lease
exposure and lower costs on the CRJ 200 50-seat regional jet aircraft;
-- 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;
-- 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," continued Ornstein. "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 Mesa consistently
delivered operational performance which continues to lead the regional
airline industry in nearly every category monitored by the U.S. Dept. of
Transportation.
"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 Mesa is among the first regional
airlines to address the risks associated with fifty-seat regional jet
aircraft which have increasingly fallen out of favor with mainline
carriers. We believe the elimination of exposure related to this fleet
provides Mesa with a significant competitive advantage," noted Ornstein.
"We would like to welcome the new members of Mesa´s Board of Directors
who will be joining us today including: Daniel J. Altobello, retired
Chairman of LSG/Sky Chefs Onex Food Services, Inc.; Ellen N. Artist, ENA
Advisors, LLC; Mitchell I. Gordon, President, Morpheus Capital Advisors;
Dana J. Lockhart, DJL Advisors, LLC; Grant Lyon, President, Odyssey
Capital Group; Harvey W. Schiller, Vice Chairman and President of the
Sports, Media, and Entertainment Practice of Diversified Search Odgers
Berndtson; Mark J. Schulte, Managing Director and head of transportation
investment banking at Dahlman Rose & Co.; Don Skiados, President,
Leadership Communications and Training, LLC. We look forward to working
with all of our new Board members and are honored to have such
distinguished individuals serving the Company," said Ornstein.
"In addition, we would also like to thank our retiring Board members for
their service, dedication and friendship over the years including:
Richard R. Thayer; Carlos E. Bonilla; Joseph L. Manson; Maurice A.
Parker; Peter F. Nostrand; Robert Beleson," added Ornstein.
"Finally, we would like to thank all of the stakeholders who worked with
the Company during our restructuring as well as our restructuring
advisors Pachulski Stang Ziehl & Jones LLP, our corporate counsel DLA
Piper, LLP (US), and our financial advisors Imperial Capital, and the
others that have helped make this possible, including the support of our
airline partners, customers and the communities we serve," concluded
Ornstein.
Mesa currently operates 76 aircraft with approximately 450 daily system
departures to 94 cities, 38 states, the District of Columbia, and
Mexico. Mesa operates as US Airways Express and United Express under
contractual agreements with US Airways and United Airlines, respectively,
and independently as go! Mokulele. This operation links Honolulu to the
neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company
was founded by Larry and Janie Risley in New Mexico in 1982.
Statements in this news release that are not historical facts, including
statements regarding our estimates, expectations, beliefs, intentions,
projections or strategies for the future, may be "forward-looking
statements" as defined in the Private Securities Litigation Reform Act
of 1995. All forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially from
the estimates, expectations, beliefs, intentions, projections and
strategies reflected in or suggested by the forward-looking statements.
Investors and other interested parties can obtain information about
Mesa´s Chapter 11 filing on the Internet at Mesa-air.com. Court filings,
claims information and our Plan of Reorganization are available at:
www.dm.epiq11.com/mesa. Caution should be taken not to place undue
reliance on Mesa´s forward-looking statements, which represent Mesa´s
views only as of January 20, 2011, and which Mesa has no current
intention to update.
CONTACT: Mesa Air Group
Chris Pappaioanou, 602-685-4052
SOURCE: Mesa Air Group
Copyright Business Wire 2011
cancelation and wipeout shareholders is coming?
Definitely existed for many, mine was cemjq which topped out at 1.78 from under 02. Was nice
cemjq did. and it was fun.
I agree. Terribly sad! I'm still waiting on that elusive "Q" that everyone claims goes from pennies to dollars overnight. Yet to experience that phenomenon. To be honest, not sure if such a thing exist.
Oh well, better luck next time.
TY
Agreed, it will be fun to see what happens from this level..
It was a good ride Jc. I was in and out a couple times.
Made a little and lost a little, so overall I got no complaints with MESAQ as a Q play.
I do have complaints about a system that feels like it's OK to shaft the shareholders so casually as a matter of course though.
Sadly, this is exactly the type of situation private equity preys upon.
GD parasites been getting fat for the last couple years.
Hope jet fuel goes sky high and the bastards choke on it LoL!
Thanks again, it's been fun watching though!
amen on your last sentence brother...
Where do you see this closing today?
Followers
|
84
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
16651
|
Created
|
02/16/07
|
Type
|
Free
|
Moderators |
Air Midwest, a wholly owned subsidiary of Mesa Air Group, and doing business as Mesa Airlines, operates a fleet of twenty 19-passenger, Raytheon 1900D Aircraft. Air Midwest primarily services federally subsidized markets across the country.
Background
Mesa Air Group, Inc., through its subsidiaries, provides scheduled passenger and airfreight services. It carries passengers, as well as freight and express packages on its passenger flights. The company also has interlined small cargo freight agreements with various other carriers. In addition, Mesa Air Group contracts with the U.S. Postal Service for carriage of mail to the cities it serves. Further, it occasionally operates charter flights. As of September 30, 2007, the company operated a fleet of 182 aircraft with approximately 1,100 daily departures to 184 cities in the United States, the District of Columbia, Canada, the Bahamas, and Mexico. Mesa Air Group was founded in 1980 and is headquartered in Phoenix, Arizona.
[chart]stockcharts.com/c-sc/sc?chart=mesaq,uu[w,a]dhclyiay[db][pb2!b5!b50!b200!d20,2][iut!uo8!ub5!ua5,15,10!uv8!lk9!ll5!lc15!up5,5][j20444984,y]&r=3555[/chart]
Mesa Air Group filed voluntary petitions to reorganize under Chapter 11 of the U.S Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York on January 5, 2010. The case number is 10-10018 and is being presided over by the Honorable Judge Martin Glenn. Interested parties can find updates and additional information at the Company's website at www.mesa-air.com. Imperial Capital is serving as financial advisor, and Pachulski, Stang, Ziehl & Jones LLP is serving as legal counsel to the Company and its subsidiaries in connection with the restructuring.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |