Republic Airways Holdings filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization and related Disclosure Statement.
According to the Disclosure Statement, “Specifically: The Plan constitutes a motion for approval of the proposed substantive consolidation of RAH, Republic Airline, Shuttle, and RASI….Shuttle will be merged into Republic Airline as a single operating air carrier entity, with a consolidation of Shuttle and Republic Airline’s operations under Republic Airline’s single air carrier certificate.”
The Disclosure Statement continues, “In furtherance of the Republic’s goal of streamlining operations, the Plan provides for the orderly wind-down and dissolution under applicable state law of MAGI, Midwest and Skyway, which are non-operating Debtor subsidiaries.”
A corporate release notes that the Plan outlines that the Company will emerge as a single air carrier operating the world’s largest fleet of E170/E175 aircraft, under the Republic Airline Inc. name. Bryan Bedford, Republic Airways Holdings’ C.E.O., notes, “We have achieved each of the restructuring goals set at the onset of this case, while restoring our airline to a level of operational excellence unmatched in our industry. The airline has achieved a 99.7% controllable completion rate in 2016 and is exceeding that level of performance in Q4.”
The Court scheduled a December 21, 2016 to consider the Disclosure Statement, with objections due by December 14, 2016.
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