Delta has, apparantly, taken delivery of the airplanes, so hopefully we hear something in the near future.
From form 8K SEC filing 3/21/05
FLYi, Inc. (NASDAQ/NM: FLYI) (“FLYi”), parent of low-fare airline Independence Air, announced today that it has completed the assignment of 30 Fairchild-Dornier 328JET regional jet aircraft to Delta Air Lines. These aircraft had formerly been used as part of the Delta Connection program.
As previously disclosed in the Form 8-K filed February 25, 2005, the lenders in the leases for the 30 aircraft have effectively released FLYi and Independence Air from all future obligations for these 30 aircraft. As partial consideration therefor, approximately 1.5 million shares of FLYi’s common stock is being issued to these lenders. While the owner participant in the leveraged leases has not committed to a release of FLYi and Independence Air, the lenders, which have an assignment of the owner participant’s interest in the leases and have a priority of payment superior to that of the owner participant, have committed that they will not assert any claims against FLYi with respect to events occurring after assumption by Delta. The lenders have also agreed that, if FLYi is required to make any payments under the leases and the lenders receive any portion of such payments, they will return those payments to FLYi. As addressed in the Form 8-K filed by FLYi on February 22, 2005, in February 2005 Independence Air paid the balance of the January lease payment on the 328Jet aircraft. In connection with assignment of the 30 328Jet aircraft, Delta has reimbursed such payment with respect to the assigned aircraft.
Independence Air retains two leased 328JET aircraft and one owned 328JET, which it is actively marketing for sale.