On December 27, 2022, we finalized an amendment and restatement of our capacity purchase agreement with United Airlines. Under the agreement, Mesa will add up to 38 CRJ-900 aircraft, dependent on the number E-175s Mesa is operating. Mesa will begin flying CRJ-900s on behalf of United in March of 2023 and utilize all of the crew and maintenance locations currently operated for American Airlines in Phoenix, Dallas, El Paso, and Louisville, as well as open a CRJ-900 crew base in Houston and a pilot base in Denver. As part of the final agreement, United will also pay Mesa increased block-hour rates to cover the incremental pilot wage increases instituted by Mesa in September 2022, which will remain in effect through September 2025. United will receive a 10% equity position in Mesa and a seat on the Mesa Board of Directors.
Additionally, on December 27, 2022, we finalized an agreement with United for a $41.2 million liquidity facility, including the refinancing of $15.7 million outstanding under our CIT revolving credit facility maturing December 31, 2022, and an additional $25.5 million term loan, of which $15.0 million is forgivable if Mesa achieves certain aircraft utilization thresholds. The collateral for the loan is a combination of aircraft parts and a pledge of our equity investment in Archer Aviation, Inc. and Heart Aerospace Incorporated.
United also agreed to purchase 30 GE-CF34-8 spare engines from Mesa for $80 million, which is expected to provide over $50 million of net cash proceeds and close in Q1 CY2023.
"Then there was a woman, a lion of a woman."
Recent MESA News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/24/2024 04:31:30 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 02:16:18 PM
- Mesa Air Group Reports First Quarter Fiscal 2024 Results • GlobeNewswire Inc. • 05/20/2024 11:05:00 AM
- Mesa Air Group Discloses Notice from Nasdaq • GlobeNewswire Inc. • 05/17/2024 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/17/2024 08:00:21 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/10/2024 08:00:04 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 08:30:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 05:32:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 05:30:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 05:27:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 05:25:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/26/2024 05:21:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 09:15:16 PM
- Mesa Air Group Discloses Notice from Nasdaq • GlobeNewswire Inc. • 02/23/2024 09:05:00 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 02/09/2024 09:34:15 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 01/26/2024 06:29:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/26/2024 02:24:55 PM
- Mesa Air Group Reports Fourth Quarter and Fiscal Full-Year 2023 Results • GlobeNewswire Inc. • 01/26/2024 02:22:17 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/18/2024 09:49:00 PM
- Mesa Air Group Enters New Agreements with United Airlines for Improved Operating and Financing Terms and Provides Update on CRJ-900 Asset Sale Program • GlobeNewswire Inc. • 01/18/2024 09:20:00 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 01/10/2024 09:00:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 09:17:12 PM
- Mesa Air Group Discloses Notice from Nasdaq • GlobeNewswire Inc. • 01/09/2024 09:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/02/2024 11:11:29 AM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 12/14/2023 08:53:57 PM
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