Posted on: 21 April 2017
A plan of reorganisation has been approved by a US bankruptcy judge that paves the way for Republic Airways Holdings Inc., the holding company which owns regional carrier Republic Airline, to start a process that will see the airline emerge as a private company before the end of April.
Republic confirmed that Honourable Judge Sean Lane of the United States Bankruptcy Court for the Southern District of New York had approved Republic’s plan and entered an order to that effect.
“I want to thank our associates for never wavering in their commitment to our vision and mission throughout this challenging process,” said Bryan Bedford, Republic’s president and chief executive officer. “With the work of restructuring complete, we’re ready to come out of Chapter 11 laser-focused on reclaiming our leadership position in the regional airline industry by delivering outstanding operational reliability to our major airline partners, excellent customer service to our guests on board our aircraft, and maximising future value for all our stakeholders.”
The company filed a voluntary petition for relief under Chapter 11 on 25 February last year, blaming amongst other things a lack of pilots to fly its planes.
The Indianapolis-based short-haul airline operates a fleet of 170 Embraer 170/175 aircraft, with approximately 900 daily flights via its major partner brands such as American Eagle, Delta Connection and United Express to locations in the US, Canada, the Caribbean and Central America.