RAH buys Midwest!!!

Browntothebone

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http://finance.yahoo.com/news/Republic-Airways-to-Acquire-bw-2066208706.html?x=0&.v=1


Republic Airways to Acquire Midwest Airlines




  • Press Release
  • Source: Republic Airways Holdings
  • On Tuesday June 23, 2009, 3:30 pm EDT





INDIANAPOLIS--(BUSINESS WIRE)--Republic Airways Holdings (NASDAQ: RJET - News) today announced that it is acquiring Milwaukee-based Midwest Airlines from TPG Capital, a Fort Worth, Texas-based private equity firm. The transaction is subject to customary regulatory approvals and is expected to close in four to six weeks.
Republic will acquire 100% of the equity of Midwest and TPG’s $31 million secured note from Midwest. Consideration will be $6 million in cash and a $25 million, five-year note, which may be converted to RJET stock at $10 per share. In addition, TPG will have the right to nominate a member to the Republic Board of Directors.
“This acquisition will enhance the strategic positioning of Republic Airways,” said Bryan Bedford, chairman, president and CEO of Republic Airways. “Midwest has built a strong brand, a loyal base of customers and dedicated team of employees. We look forward to welcoming them to the Republic family and continuing the Midwest tradition of excellent customer care.”
Bedford added: “As Midwest celebrates its 25th anniversary, I want to make sure I recognize what the employees of Midwest – past and present – have built and sustained through both good and difficult times. This is a great brand built on superior customer service that will continue under new ownership.”
Under the agreement, Midwest will become a wholly owned subsidiary of Republic Airways, with the Midwest brand continuing. Midwest’s Boeing 717s will be replaced with Embraer 190 aircraft, enhancing Midwest’s ability to offer nonstop service to key destinations important to its frequent flyers.
Republic Airways Holdings, based in Indianapolis, Indiana is an airline holding company that owns Chautauqua Airlines, Republic Airlines and Shuttle America. The airlines offer scheduled passenger service on approximately 1,200 flights daily to 101 cities in 37 states, Canada and Mexico through airline services agreements with seven U.S. airlines. All of the airlines’ flights are operated under their airline partner brand, such as AmericanConnection, Continental Express, Delta Connection, United Express, Midwest Connect, Mokulele Airlines and US Airways Express. The airlines currently employ approximately 4,500 aviation professionals and operate 212 regional jets.
In addition to historical information, this release contains forward-looking statements. Republic Airways may, from time-to-time, make written or oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass Republic Airways’ beliefs, expectations, hopes or intentions regarding future events. Words such as "expects," "intends," "believes," "anticipates," "should," "likely" and similar expressions identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to Republic Airways as of such date. Republic Airways assumes no obligation to update any forward-looking statement. Actual results may vary, and may vary materially, from those anticipated, estimated, projected or expected for a number of reasons, including, among others, the risk factors disclosed in the Company’s most recent filing with the Securities and Exchange Commission.

Contact:


Republic Airways Holdings
Carlo Bertolini, 317-484-6069
 
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ultrarunner

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So, the remaining 717's go bye-bye along with what's left of the MidEx pilot group. What a bummer!
 

Vegaspilot99

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deleted...nevermind, I'm speechless
 
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CitationLover

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At least Hoeksema is gone.

He says one seniority list. This will be interesting. One collective bargaining agreement. ALPA is drooling over bringing in Republic pilots.
 

Cornelius

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Republic sucks.
 

600rvr

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Does this mean that BB will finally have to buy his own gas? When do United, Delta, USair, Continental, or whoever else they fly for get fed up with the growing conflicts of interest and just drop them? Looks liek we're all swiftly on the way to being $80,000 captains for the rest of our "careers".:eek:
 

CitationLover

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One request. Can ALL RAH planes now have DirecTv for DH entertainment? Paint chocolate chip cookies on the tail of Midwest?
 

Indy319FA

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He says one seniority list. This will be interesting. One collective bargaining agreement. ALPA is drooling over bringing in Republic pilots.
I wouldn't mind seeing ALPA and AFA on property. We'll see how this goes.
 

DHPFLYN

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Does this mean that BB will finally have to buy his own gas? When do United, Delta, USair, Continental, or whoever else they fly for get fed up with the growing conflicts of interest and just drop them? Looks liek we're all swiftly on the way to being $80,000 captains for the rest of our "careers".:eek:
80,000? That is what they would pay a 15 year 747 captain. Just look at those sad pay rates. To all Midwest and Frontier pilots GOOD LUCK Another sad day in aviation
 

Propsync

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It will be interesting for sure. Wonder how many 20 somethings will just let Midwest pilots get DOH. I doubt a switch from the teamsters to alpa will be made. So I guess my prediction is a failed alpa drive and a staple, good, bad, or otherwise.
 

Browntothebone

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Does this mean that BB will finally have to buy his own gas? When do United, Delta, USair, Continental, or whoever else they fly for get fed up with the growing conflicts of interest and just drop them? Looks liek we're all swiftly on the way to being $80,000 captains for the rest of our "careers".:eek:

Heck, I make more than DOUBLE that amount as an F/O! You guys have your bar set WAY to low.
 

rchcfi

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Dear Valued Midwest Airlines Customer:

Republic Airways Holdings of Indianapolis announced today its acquisition of Midwest Airlines.

Midwest Air Group will become a wholly owned subsidiary of Republic Airways Holdings and Midwest Airlines will continue to operate as a branded carrier with its current route network. Our customers can book and fly on us with continuing confidence.

Becoming part of a strong, growing airline group will help ensure a more viable future for Midwest Airlines. Republic is a quality organization that recognizes and respects the bond Midwest has with its customers, employees and the communities we serve. They believe in the power of our brand, our schedule and our people. Republic can bring operational efficiencies and financial strength to Midwest that we as a stand-alone carrier cannot achieve.

As always, thank you for your support of Midwest Airlines. We look forward to continuing to earn your business by providing the outstanding service you deserve.

Sincerely,
Timothy E. Hoeksema
Chairman, Midwest Airlines

I wonder when he actually tells the truth, does he take a step back and go "What, did I actually say something truthful? I'd better write this down in my journal. OK now where did I put it? OH there it is.....Page 1"
 

snozberry

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Why would ALPA want Republic? If they take in Republic, they would screw Delta and Continental. When Comair and ASA asked for one list with Delta, ALPA said "NO" the merger and acquisition policy didn't apply because of no common equipment. If they let Republic in with one seniority list containing RJ's, Boeings, and Airbus's then wouldnt they have to let Comair, Pinnacle, Mesaba, and Coex join the game? After all, They would have seperate certificates with mainline planes on two and regionals on the others. That could open up a whole new can of worms, one I think they deserve.
 

Fubijaakr

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Enough

Axel

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Maybe the real question is:

"Why would Republic want ALPA?"
 
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