WTF is Republic doing??

[NoJoy]

Southwest should be happy to hear the news. All they need is an excuse to grow more out of DEN. Time will tell-

 

[Browntothebone]

http://finance.yahoo.com/news/Republic-Airways-to-Serve-as-bw-3063615527.html?x=0&.v=1



Republic Airways to Serve as Equity Sponsor for Frontier's Exit from Bankruptcy

* Press Release
* Source: Republic Airways Holdings
* On Monday June 22, 2009, 5:30 pm EDT


INDIANAPOLIS--(BUSINESS WIRE)--Republic Airways Holdings (NASDAQ/NM: RJET - News) announced today that it has agreed to be the equity sponsor of Frontier Airlines’ plan of reorganization. The plan, which is subject to bankruptcy court approval and various conditions, would allow Republic to purchase 100% of the equity in the reorganized company for $108.75 million.

If approved and completed, the plan will result in Frontier’s successful exit from Chapter 11, at which point it would become a wholly owned subsidiary of Republic Airways, alongside the other Republic operating companies: Chautauqua Airlines, Republic Airlines and Shuttle America.

“Thanks to the hard work of its employees, Frontier has made tremendous strides during its restructuring process, recently posting its sixth straight monthly operating profit despite challenging economic conditions,” said Bryan Bedford, chairman, president and CEO of Republic Airways. “Adding Frontier to the Republic portfolio of operating companies is an opportunity for both companies to build on recent successes and strengthen the Republic organization for the benefit of all stakeholders.”

Frontier’s proposed plan of reorganization was filed today with the U.S. Bankruptcy Court for the Southern District of New York. Frontier has also filed a motion to approve the investment agreement with Republic, which is subject to higher and better proposals under a court-supervised auction. A hearing at which Frontier will seek court approval of the investment agreement and proposed auction procedures has been scheduled for July 13, 2009. Frontier currently expects to conclude the auction process and emerge from Chapter 11 during the fall of 2009.

The proposed plan of reorganization provides for general unsecured creditors to receive $28.75 million in cash. An additional $40 million of the sale proceeds would be applied as repayment of the outstanding DIP loan.

Now if they can get a flowthru agreement between RAH and Frontier worked out. That would be great for RAH pilots.

 

[hockeypilot44]

Now if they can get a flowthru agreement between RAH and Frontier worked out. That would be great for RAH pilots.

Lol. You say some funny stuff sometimes. You need to stop. The Republic pilots are getting excited.