Mesa Air Group, a regional airline, has come away from the court room a little happier this week as a judge approved their Chapter 11 reorganization plan. Officials with the airline hope to come out of bankruptcy protection as soon as next month as a private company. At that time it will issue new notes, warrants and common stock to its creditors.

Even though it was in the process of restructuring Mesa was able to extend its operating partnership with US Airways through September 15, 2015. As a result of the restructuring it was also able to get out of 100 aircraft leases, freeing up $700 million from its accounting books and $50 million in debt. Other leases were restructured to allow the company to be more flexible with purchases made in the future.

The company operates 76 aircraft that complete nearly 450 daily departures to 94 cities. It operates under Mokele, United Express and US Airways Express airlines.

Considering Chapter 11 bankruptcy? If so you do not want to file without consulting a Houston bankruptcy attorney first. Although bankruptcy can help save your company it is not an easy process and can only be done properly with an expert at your side.  Contact our firm now!