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Republic Airways Holdings Inc. (NASDAQ:RJET) announced today that
it has sold the Company's $91,000,000 pre-petition unsecured creditor
claim in Delta Air Lines bankruptcy for $44,590,000. The transaction
will close on April 11, 2007.
On March 27, 2007, The United States Bankruptcy Court for the
Southern District of New York approved the Delta Connection Agreement
between Delta Air Lines and Republic Airways Holdings subsidiaries,
Chautauqua Airlines and Shuttle America. Further information related
to this transaction can be found in the 8K document filed with the
Securities and Exchange Commission File number 000- 49697.
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 108 cities in 36 states,
Canada, Mexico and the Bahamas through airline services agreements
with six 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
3,900 aviation professionals and operate 189 regional jets.
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