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Mesaba Airlines today announced that the U.S. Bankruptcy Court for
the District of Minnesota has confirmed the Company's Plan of
Reorganization (POR), setting the stage for Mesaba to emerge from
Chapter 11 in the latter part of April.
In confirming the plan, the Court determined that the POR had been
accepted by creditors and otherwise satisfied the requirements of the
Bankruptcy Code. The company's creditors voted overwhelmingly in
support of the Plan. The POR implements a stock purchase and
reorganization agreement with Northwest Airlines Corporation
(OTC:NWACQ.PK) under which Mesaba would become a wholly-owned
subsidiary of Northwest Airlines.
"Today's confirmation of our Plan by the Bankruptcy Court
validates 18 months of work to make Mesaba a sustainable regional
carrier, positioned to become a wholly-owned subsidiary of Northwest
Airlines," said John Spanjers, Mesaba president and COO. "We are
capable of great things moving forward and that's been demonstrated by
the exceptional commitment and professionalism of our employees during
this difficult time in our history."
Mesaba intends to exit from Chapter 11 bankruptcy protection in
the final week of April 2007 when the POR becomes effective and the
acquisition by Northwest Airlines will be completed.
As previously announced, Mesaba's comprehensive restructuring plan
reduces costs by $68 million a year, secures its core business with
Northwest for the 49 Saab 340Bs and positions the company for future
growth opportunities. Already, Mesaba is moving quickly through the
Federal Aviation Administration certification and training process to
begin operating the first of 36 Bombardier Canadair Regional Jet (CRJ)
900s for Northwest Airlines.
As a result of its on-going restructuring initiatives, Mesaba has
achieved reductions in its fixed costs, vendor costs, aircraft and
engine leases, and labor costs.
"Mesaba employees have made a considerable sacrifice to achieve
this cost structure," Spanjers said. "We are now pleased to be in a
position to recall a number of our furloughed team members and provide
opportunity for all employees with the addition of the CRJ900 to our
fleet."
Forward looking statements
This news release contains forward-looking statements that are
based on the best information currently available to management. These
forward looking statements are intended to be subject to the safe
harbor protections of the Private Securities Litigation Reform Act of
1995. There can be no assurance that actual developments will be those
anticipated by Mesaba Aviation, Inc. Actual results could differ
materially from those projected because of a number of factors, some
of which Mesaba cannot predict or control.
About Mesaba Airlines
Mesaba operates as a Northwest Jet Airlink and Airlink partner
under service agreements with Northwest Airlines. The airline serves
72 cities in the United States and Canada from Northwest's and Mesaba
Aviation's three major hubs: Detroit, Minneapolis/St. Paul, and
Memphis. Mesaba Aviation operates an advanced fleet of regional jet
and jet-prop aircraft, consisting of the 34 passenger Saab SF340, and
the 50-passenger Canadair Regional Jet. Mesaba filed for Chapter 11
bankruptcy protection on October 13, 2005 and continues to operate as
a debtor-in-possession. Mesaba maintains a web site at www.mesaba.com.
Mesaba Airlines is a wholly owned subsidiary of MAIR Holdings,
Inc. MAIR Holdings, Inc. is traded under the symbol MAIR on the NASDAQ
National Market.
More information about Mesaba Airlines is available on the
Internet at: http://www.mesaba.com
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