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Published on : Saturday, September 3, 2016
Republic Airways Holdings Inc. announced today that it has reached an agreement with American Airlines that secures a long-term relationship between the two airlines and today has filed a motion for its approval in the United States Bankruptcy Court for the Southern District of New York.
“This is a major milestone in our journey towards a successful restructuring. Our amended agreement with American Airlines secures a majority of our flying commitments and importantly secures the size and scope of our ongoing Ejet fleet,” said Bryan Bedford, Chairman, President and CEO of Republic. “American’s participation in our restructuring program is paramount to our ability to implement our strategy of consolidating our air carrier operating certificates. American is a long-standing strategic partner of Republic and our relationship extends back to our initial capacity purchase agreement for regional jet operations at US Airways. We look forward to continuing to provide high levels of safe and reliable operations to American and its customers,” Bedford added.
The amended agreement provides for:
The parties anticipate that the motion will be heard before the Honorable Sean H. Lane on September 21, 2016. The new agreement will become effective in accordance with the terms of the Amendment following issuance of the approval order by the court.
Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are serving as Republic’s legal advisors in the restructuring. Seabury Securities LLC is serving as Republic’s financial advisor. Latham & Watkins LLP and Haynes and Boone, LLP are serving as American’s legal advisors and Millstein & Co. is serving as American’s financial advisor.
Source:- Republic Airways
Tags: Republic Airways