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American Air Deal Removes Hurdle to Republic’s Bankruptcy Exit
Republic Airways Holdings Inc. reached a deal to continue providing regional flights for its largest customer, completing its third pact with the biggest U.S. carriers and removing an obstacle on the path to exiting bankruptcy.
The agreement with American Airlines Group Inc. is critical because the world’s largest carrier accounts for about half of Republic’s revenue, the bankrupt regional airline said in a court filing Friday. While the accord will initially reduce Republic’s flying for the airline, there’s an option to increase it with American’s consent.
“The comprehensive commercial settlement and claims resolution with American is a major achievement for the debtors that clears the pathway for a successful emergence from Chapter 11,” Republic said in the filing. The agreement must be approved by U.S. Bankruptcy Court Judge Sean Lane.
The number of aircraft Republic will operate for American, and options for more in the future, were redacted from the legal filing. American will receive a $250 million unsecured bankruptcy claim as part of the settlement, Republic said in a statement.
The Indianapolis-based carrier earlier reached agreements to continue operating flights for Delta Air Lines Inc. and United Continental Holdings Inc.
Read more about it here: http://bloom.bg/2cDm1VJ
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