Dépêches

Mesa Air Group Recognized Twice in Cross-Industry Awards Ceremony

Dépèche transmise le 24 juin 2011 par Business Wire

PHOENIX--(BUSINESS WIRE)--Mesa Air Group, Inc. (“Mesa”) and its reorganization team received the 2011 Corporate Turnaround Deal of the Year ($1+ billion) at the Turnaround Atlas Award Gala held June 16, 2011 in Chicago. Mesa’s President and CFO Michael Lotz was also named 2011 Corporate Turnaround Executive of the Year for leading the completion of a complex and challenging reorganization.

The awards, presented by Global M&A Network (globalmanetwork.com), honor Mesa’s transformation from a financially troubled company to a leaner and more financially sound operation. The reorganization team of Imperial Capital, Pachulski Stang Ziehl & Jones, Macquarie Capital, and Morrison Foerster worked closely with Lotz and Mesa leadership to complete the restructuring of $700 million in capitalized leases and $50 million in debt. During this same period, Mesa’s operational performance placed it as one of the top-performing Regional airlines in the US as measured by the DOT. Having completed its turnaround, Mesa is well-positioned to fulfill its current contracts and seek additional business.

Mesa Chairman and Chief Executive Officer Jonathan Ornstein praised Mr. Lotz and the Mesa team’s achievements. “Mike and I have known each other since 1995 at Continental, where Mike was deeply involved in another turnaround. We have worked together ever since, and he has proven himself to be one of the top executives in the airline industry, a friend, and a trusted advisor. I commend Mike and the reorganization team for their leadership to transform Mesa into a more solid company in an impressive 12 months. Both Turnaround Atlas Awards reinforce the corporate world’s recognition of their outstanding performance,” Ornstein said.

In response to being recognized, Mr. Lotz responded, “We were able to take a very difficult situation and quickly turn it around and create a profitable company well-positioned for future growth in the regional airline industry. I’d like to thank Paul Foley, Chief Operating Officer; David Butler, Senior Vice President for Administration and Human Resources; Brian Gillman, previous General Counsel; Gary Appling, Senior Vice President for Technical Service and Engineering; Keith Kranzow, Senior Vice President for Finance and everyone at Mesa for their incredible support and dedication.”

Mesa currently operates 76 aircraft with 440 daily departures to 94 cities, 34 states, the District of Columbia, and Mexico. It flies as US Airways Express and United Express under agreements with those airlines and independently as go! Mokulele in Hawaii. Mesa was founded by Larry and Janie Risley in New Mexico in 1982.

Business Wire

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