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Republic Airways Holdings (NASDAQ:RJET), today announced that its
operating subsidiaries Chautauqua Airlines and Shuttle America have
amended their fixed-fee agreements with Delta Air Lines. Currently the
two airlines operate a total of 55 Embraer regional jets on behalf of
Delta, which represents approximately 30% of Republic Airways' current
fleet. The amended agreements are subject to bankruptcy court
approval. Key terms of the amended agreements are as follows:
-- Beginning in September 2008, all 15 thirty-seven seat E135
aircraft currently operated by Chautauqua will be removed from
the Delta Connection program at a rate of 2 aircraft per month
-- Reimbursement on Chautauqua's remaining 24 fifty seat E145 and
Shuttle America's 16 seventy seat E170 aircraft will be
permanently reduced by approximately 3%, effective on the
latter of the court approval date or May 1, 2007
-- Delta will surrender 100% of its warrants on approximately 3.4
million shares of Republic Airways common stock. These
warrants represented approximately 1.0 million shares included
in the Company's diluted share count at December 31, 2006
-- Republic Airways will be granted a pre-petition, unsecured,
general claim in the amount of $91 million in Delta's Chapter
11 bankruptcy case
"Republic Airways is pleased to support Delta Air Lines in their
restructuring efforts. The affirmation of our amended Chautauqua
Airlines and Shuttle America jet service agreements is a positive
development for our employees and shareholders," said Bryan Bedford,
Chairman, President and CEO of Republic Airways Holdings.
"We are pleased to have secured the support of our trusted partner
Republic Airways, helping us to successfully compete in the current
environment while meeting our restructuring goals," said Shawn
Anderson, Delta's Vice President of Delta Connection. "The Republic
management team and its employees have proven to be a great partner
that delivers a consistent quality experience to our passengers at
competitive costs. We look forward to a long and fruitful
partnership."
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 over 1,000 flights daily to 93 cities in 36 states, Canada
and Mexico through airline services agreements with six major U.S.
airlines. All of the airlines' flights are operated under their
airline partner brand, such as AmericanConnection, Delta Connection,
United Express, US Airways Express, Continental Express and Frontier
Airlines. The airlines currently employ approximately 3,800 aviation
professionals and operate 181 regional jets. With the affirmation of
these two jet service agreements, Republic Airways will operate under
fixed-fee agreements for 6 different airline partners with expiration
terms ranging from 2012 to 2020.
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