Mesa Air Group Inc. Files for Chapter 11 Bankruptcy Protection
Mesa Air Files for Bankruptcy
According to USATODAY, Mesa Air Group Inc., has filed for Chapter 11 protection. While Mesa Air Group may not be as well known as Delta, US Airway, or United, Mesa flies regional routes for all three major airlines.
In filing Chapter 11 Mesa hopes to streamline its business, shed financial obligations, and become more competitive. In addition, Mesa anticipates that the filing will expedite its lawsuit against Delta, in which Mesa is seeking 70 Million in damages. In a recent statement, however, Mesa clarified that its go-Mokulele Hawaiian joint venture with Mokulele Airlines will not be included in the bankruptcy and will continue normal operations.
Over the past year shares of Mesa have traded between 1 cents and 36 cents. Mesa Shares closed Monday at 12 cents a share. Chairman and CEO Jonathan Ornstein stated that Mesa has enough liquidity to support itself during the restructuring.
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